South America EOR Market to grow at CAGR 10% till 2022
Surging technological advancements, ageing crude oil
fields and increasing recovery factor from conventional resources are expected to drive South America enhanced oil recovery market through
2022
According to a recently published
TechSci Research report, “South
America Enhanced Oil Recovery Market By Onshore
Vs. Offshore, By Type, Competition Forecast & Opportunities, 2012 – 2022”, enhanced oil recovery market in
South America is projected to exhibit a CAGR of over 10% during 2017-2022,
on account of rise in number
of maturing oil fields and high cost of exploration. Moreover, Brazil and
Venezuela are driving demand for enhanced oil recovery methods in the region. Brazil
has been the largest crude oil consumer in the region. Consumption of crude oil
in Brazil stood at 3.20 million barrels per day in 2016. Brazil accounted for a
volume share of 44.37% in the total crude oil consumption in South America,
witnessing a high growth of 1.48% in 2016 from 2015, which is forecast to rise over
the coming years.
Browse 23 Figures spread through 72 Pages
and an in-depth TOC on "South
America Enhanced Oil Recovery Market"
https://www.techsciresearch.com/report/south-america-enhanced-oil-recovery-market-by-onshore-vs-offshore-by-type-thermal-miscible-gas-chemical-others-competition-forecast-opportunities/1020.html
Thermal EOR method controlled
the largest share in South America enhanced oil recovery market in 2016, however
the method’s share is expected to decline
by 2022, due to shift towards
usage of carbon dioxide methods of enhanced oil recovery in the region. The crude
oil type found in the region has an API gravity higher than ~31⁰ and falls in
the category of light oil types. Both thermal and gaseous methods are
applicable for light type crude oil. Onshore application is anticipated to
dominate the market with major operator “Wintershell” carrying out the EOR process
in the onshore fields. Some of the prominent players operating in the market include The Halliburton Company, Schlumberger Limited, Baker Hughes Inc., Exxon Mobil Corporation, Chevron Corporation, ConocoPhillips Company, and Petroleo Brasileiro S.A (Petrobras)
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“Growing need to
improve production of extra heavy crude oil, maturing
oilfields, and high cost of exploration are forecast to propel enhanced oil
recovery market in South America through 2022. Besides that, implementation of
EOR methods for recovering oil from conventional resources are predicted to
positively impact the market in the coming years. Brazil holds
tremendous potential for heavy oil recovery through EOR methods and leads the
market owing to availability of heavy oil reserves in the
country.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“South America Enhanced Oil Recovery Market By Onshore Vs. Offshore, By
Type, Competition Forecast & Opportunities, 2012 – 2022” has
evaluated the future growth potential of South 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 South America enhanced oil recovery market.
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