Enhanced Oil Recovery Market to Surpass $11 Billion By 2022
Increase in number of maturing oilfields, surging
need to improve extra heavy crude oil production and growing necessity to
improve recovery factor to drive global enhanced oil recovery market through
2022
According to a recently
published TechSci Research report “Global
Enhanced Oil Recovery Market By Onshore Vs. Offshore, By Type, By Region,
Competition Forecast & Opportunities, 2012 – 2022”, the global market of enhanced oil recovery is anticipated to cross
$11.50 Billion by 2022. In 2016, EOR process accounted for about 6.4% of
overall global crude oil production. Some of the major factors driving global
enhanced oil recovery market are increasing crude oil demand, surging need to improve
extra heavy crude oil production and large number of maturing oilfields.
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Figures spread through 221 Pages and an in-depth TOC on "Global
Enhanced Oil Recovery Market"
https://www.techsciresearch.com/report/global-enhanced-oil-recovery-market-by-onshore-vs-offshore-by-type-thermal-miscible-gas-chemical-others-by-region-north-america-europe-asia-pacific-etc-competition-forecast-opportunities/947.html
North
America region accounted for the largest share in global enhanced oil recovery
market during 2012 – 2016, and the region is anticipated to maintain its
dominance over the next five years as well. Oil production in North America is
expected to grow at a robust pace during 2017-2022 due to shale gas revolution.
In 2015, the United States was the largest market with 19.396 Mb/d crude oil
consumption, followed by China (11.968 Mb/d) and India (4.159 Mb/d). Moreover, according
to the International Monetary Fund (IMF), United States’s economic growth is
projected to increase from 1.9% in 2016 to 2.1% in 2017. While, the economic
growth of Canada is expected to increase from 2% in 2015 to 1.3% in 2016.
Backed by improving economy growth, the demand for enhanced oil recovery methods in North America is
expected to increase at a healthy pace over the next five years.
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“Over the last
couple of years, fall in prices of crude oil has adversely affected the profit
margins of oil field operators across the globe. To overcome the negative
effects of decline in crude oil prices and increase in the number of mature oil
wells, EOR techniques are being increasing employed to increase productivity.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Enhanced Oil Recovery Market By Onshore
Vs. Offshore, By Type, By Region, Competition Forecast & Opportunities,
2012 – 2022” has evaluated the
future growth potential of global
enhanced oil recovery market and provides statistics and information on
market structure and trends. The report is intended to provide cutting-edge
market intelligence and help decision makers take sound investment evaluation.
Besides, the report also identifies and analyzes emerging trends along with
essential drivers, challenges and opportunities available in global enhanced oil recovery market.
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