Europe Enhanced Oil Recovery Market growth to Grow with a robust CAGR through to 2028

Growing public interest towards sustainable and environment-friendly products is expected to drive the Europe Enhanced Oil Recovery Market growth in the forecast period, 2024-2028.

 

According to TechSci Research report, “Europe Enhanced Oil Recovery Market - By Country, Competition, Forecast and Opportunities, 2018-2028”, the Europe Enhanced Oil Recovery Market is expected to register a robust during the forecast period, 2024-2028.  The increasing demand for EOR has been driven by the global surge in oil demand. Moreover, governments worldwide are initiating projects to employ advanced oil extraction techniques, aiming to maximize returns from existing oil and gas resources.

The European Union is actively promoting carbon capture and storage (CCS) as a means of mitigating carbon emissions. Enhanced oil recovery (EOR) can be integrated with CCS to sequester CO2 emissions from industrial processes or power generation, thereby reducing the carbon footprint of EOR operations. This presents an opportunity for EOR projects to access funding and incentives aimed at addressing climate change.

 

Browse over XX market data Figures spread through 135 Pages and an in-depth TOC on "Europe Enhanced Oil Recovery Market”

 

Based on technology, Thermal Injection segment has emerged as the predominant market leader. The thermal injection segment in Europe's EOR market has experienced consistent growth in recent years. This growth can be attributed to the presence of heavy oil reservoirs in countries such as Russia, the United Kingdom, and the North Sea region. As conventional oil production declines, the demand for thermal EOR methods is expected to increase, leading to further expansion of the market. The primary thermal EOR techniques employed in Europe include steam injection (such as cyclic steam stimulation or CSS, and steam-assisted gravity drainage or SAGD), in-situ combustion, and electric heating. The selection of each method is based on reservoir characteristics, temperature requirements, and economic feasibility. Thermal EOR methods are particularly effective in reservoirs with heavy or highly viscous crude oil as they reduce the oil's viscosity, facilitating its flow through the reservoir and into production wells. The Volga-Urals region in Western Russia and the North Sea are key areas where thermal EOR techniques are applied due to the presence of such reservoirs. It is important to note that thermal EOR methods are energy-intensive and can lead to increased greenhouse gas emissions if not managed properly. In response to this concern, European countries, known for their stringent environmental regulations, have been working to integrate carbon capture and storage (CCS) technologies with thermal EOR. This aligns with Europe's commitment to reducing carbon emissions and provides opportunities for the implementation of sustainable thermal EOR practices.

Based on application, Offshore segment is expected to grow during the forecast period. The offshore segment of the Europe EOR market has been experiencing consistent growth, primarily driven by the necessity to extract additional hydrocarbons from offshore reservoirs that have reached the late stages of conventional production. This growth is particularly notable in regions such as the North Sea, the Norwegian Continental Shelf, and the Mediterranean Sea. Commonly employed offshore EOR techniques in Europe include water injection, gas injection (including CO2 injection), and chemical EOR methods like surfactant-polymer flooding. Water flooding is particularly prevalent in the North Sea region, where it is utilized for maintaining reservoir pressure and displacing oil to production wells. Offshore reservoirs in Europe exhibit a wide variation in terms of depth, temperature, and fluid properties. Some offshore fields produce heavy or viscous crude oil, while others contain natural gas. The selection of an appropriate EOR method depends on reservoir characteristics, with gas injection being suitable for reservoirs with light oil, while chemical methods are often employed for heavy oil reservoirs. Offshore EOR operations in Europe are subject to stringent environmental regulations and safety standards. The region places a strong emphasis on minimizing the environmental impact of offshore activities, including EOR. Companies operating in this segment must comply with regulations related to emissions, discharges, and spill prevention and response.

Major companies operating in Europe Enhanced Oil Recovery Market are:

• BP plc
• Royal Dutch Shell plc
• Equinor ASA
• TotalEnergies SE
• OMV AG
• Repsol S.A.
• Eni S.p.A.
• Wintershall Dea GmbH
• Lundin Energy AB
• Aker BP ASA

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“Russia is expected to dominate the market during the forecast period. Russia boasts a firmly established energy industry with a notable emphasis on research and development. The nation possesses advanced reservoir engineering and drilling expertise, which prove crucial for the success of EOR projects. Russian companies and research institutions actively engage in the development and enhancement of EOR technologies, thus driving progress in this field.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Europe Enhanced Oil Recovery Market By Technology (Gas Injection, Thermal Injection, Chemical Injection, Microbial Injection and Others), By Application (Onshore and Offshore), By Country, By Competition Forecast & Opportunities, 2018-2028”, has evaluated the future growth potential of Europe Enhanced Oil Recovery Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Europe Enhanced Oil Recovery Market.

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