Press Release

Enhanced Oil Recovery Market in North America to Surpass $ 4 Billion by 2022

Ageing onshore oilfields, growing adoption of EOR methods and other macroeconomic factors such as GDP, industrial growth are expected to drive North America enhanced oil recovery market through 2022

According to a recently published TechSci Research report, North America Enhanced Oil Recovery Market By Onshore Vs. Offshore, By Type, Competition Forecast & Opportunities, 2012 – 2022, enhanced oil recovery market in North America is projected to cross $ 4 billion by 2022, on account of factors such as upcoming/ongoing EOR projects and year on year change in energy consumption pattern and oil demand until 2022. 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 predicted to increase from 1.9% in 2016 to 2.1% in 2017. While, the economic growth of Canada is anticipated to rise from 2% in 2015 to 1.3% in 2016. Backed by improving economy, demand for enhanced oil recovery methods in North America is expected to escalate at a healthy pace over the next five years.

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In 2016, thermal EOR method garnered the largest share in North America enhanced oil recovery market, however its share is expected to decline owing to increase in miscible gas method, which held the second largest share as crude oil found in the region has medium degrees of American Petroleum Institute (API) favoring use of miscible gas based enhanced oil recovery methods. Onshore application controls the market as crude oil producers in North America region are estimated to prohibit their investments in offshore crude oilfields as these are more expensive in comparison to onshore crude oilfields. Some of the prominent players operating in the market include The Halliburton Company, Schlumberger Limited, Baker Hughes Inc., Baker Hughes Inc., Chevron Corporation, ConocoPhillips Company and Occidental Petroleum Corporation.

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“Maturing oilfields, upcoming/ongoing EOR projects and economic growth are forecast to create demand for EOR methods in North American countries, especially the United States which commands the region’s market due to focus towards the tertiary method of oil recovery from conventional reserves. Additionally, in order to meet increasing demand for crude oil, EOR measures are being deployed across the region, which are anticipated to positively impact the market in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.  

North America Enhanced Oil Recovery Market By Onshore Vs. Offshore, By Type, Competition Forecast & Opportunities, 2012 – 2022has evaluated the future growth potential of North America 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 North America enhanced oil recovery market.

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North America Enhanced Oil Recovery Market By Onshore Vs. Offshore, By Type (Thermal, Miscible Gas, Chemical & Others), Competition Forecast & Opportunities, 2012 – 2022

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Ageing onshore oilfields, growing adoption of EOR methods and other macroeconomic factors such as GDP, industrial growth are expected to drive North America enhanced oil recovery market through 2022

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