Saudi Arabia and Kuwait to Resume Oil Production in Neutral Zone

Dubai: Saudi Arabia and Kuwait are expected to resume oil production in Neutral Zone’s fields, mainly Khafji and Wafra, which was shut due to environmental reasons and operating difficulties. This step was taken after OPEC nations agreed to reduce output by around 1.2 million barrels per day (bpd) from January 2016 in order to reduce global oversupply and prop up prices.  

TechSci Research depicts to meet the increasing demand for crude oil, employing tertiary methods of crude oil production is essential. Over the last few years, global Enhanced Oil Recovery (EOR) market has been growing on account of increasing global energy demand. Increasing number of mature oil wells and high productivity levels achievable by using EOR techniques, are some of the major factors on account of which the global market for EOR is expected to grow during 2015 - 2020.

According to a released report of TechSci Research, “Global Enhanced Oil Recovery Market Forecast & Opportunities, 2020”, the global enhanced oil recovery market is projected to witness growth of around 8% through 2020. Over the next five years, onshore crude oil reserves are expected to witness higher crude oil production through enhanced oil recovery methods compared to off-shore oil reserves. Gaseous enhanced oil recovery methods are expected to lead the global enhanced oil recovery market, with the most favorable substance used for this method being carbon dioxide.