South America Enhanced Oil Recovery Market is expected to be dominated Onshore Segment through 2028
Unbounded demand for oil to provide
impetus and rising capital expenditure by national oil companies to drive the
market in 2023-2028.
According to TechSci
Research report, “South America Enhanced Oil Recovery Market-
By Country, Competition, Forecast & Opportunities, 2028”, South
America Enhanced Oil Recovery Market is expected to grow in the forecast
period, because two factors are expected to drive the South America
EOR market during the projected period with a high CAGR: the number of oil
fields that are maturing and improving technology that would allow for the
introduction of better oil recovery techniques. The market's growth is
anticipated to be constrained in the next years by the significant volatility
of crude oil prices.
Based
on technology segment, South
America Enhanced Oil Recovery Market is dominated by Thermal
Injection Method, one of the
most well-known and commonly used technologies for improved oil recovery. The
technique, which works with heavy, viscous crude oil, includes injecting
thermal energy into the reservoir to heat the oil and lessen its viscosity. The
primary purpose of natural gas is to produce thermal energy. However, despite
its environmental benefits, solar EOR has become popular recently. Similarly,
the gas injection technique is frequently employed to improve oil mobility in
reservoirs. CO2-EOR is one of the strategies for increasing oil output
that is being used by several countries the quickest. By stopping carbon emissions, the carbon capture and
sequestration process supports the environment and can be used to improve oil
recovery. Chemical EOR mostly involves injecting polymers and water-soluble
surfactants to increased oil production. The oil's viscosity is decreased using
heat, making extraction easier. The injection of steam or hot water can
be used for thermal EOR. The use of thermal EOR has increased recently as
producers look for ways to increase output from aged fields.
Based on application, onshore is the
dominant segment in South America Enhanced Oil Recovery Market, in comparison
to offshore wells. Onshore wells have several advantages, including easy access
to resources, low production costs, well-established technology, knowledge of
the reservoir, and others. As a result, a
sizeable portion of the world's oil is produced from wells on land. Onshore
wells are covered by the majority of EOR operations deployed globally. When
compared to offshore EOR, onshore EOR deployment is more cost-effective. But
rising expenditure on finding undiscovered hydrocarbon sources is probably
going to open profitable chances in the offshore sector. Due to the high number
of onshore exploration and production projects taking place all over the world
in 2021, the onshore segment holds the highest revenue share at over 90.0%.
Future expansion of the onshore application category will be caused by onshore
oilfields' lower conventional extraction costs when compared to offshore
oilfields. EOR methods are being used in typical onshore basins, where
production levels are falling in many South American regions.
In terms of Country analysis, the South
America Enhanced Oil Recovery Market is segmented into Brazil, Argentina,
Colombia, Chile, Peru, Ecuador, Venezuela, and Bolivia. Brazil is the dominant
region as Brazil's production has been dramatically increasing since 1985 while
and Venezuela's has decreased. With a daily output of 3 million barrels in
2021, Brazil became South America's largest producer for the first time and
held a 35% regional share. Brazil has benefited from the development of new
offshore technology as well as a supportive bid strategy for exploration drawing
the attention of major oil firms.
Chemical EOR technology uses polymers and surfactants that
are injected into the oil well to lower interfacial pressure and increase
inundated viscosity, which in turn increases oil well productivity.
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Key market players in the South America Enhanced
Oil Recovery Market include:
- Halliburton Latin America
S.R.L. (Ecuador)
- Schlumberger
del Ecuador S.A.
- Baker
Hughes of Mexico S. de R.L. de C.V.
- ExxonMobil
Corporation
- Arabian
American Oil Company (ARAMCO)
- Petroleo Brasileiro SA
- Equinor
ASA
- Chevron
Corporation
- China
Petroleum & Chemical Corporation
- BP p.l.c
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“The South America Enhanced Oil
Recovery Market is expected to expand during the projected
period. The reservoir's mobile oil has traditionally been the focus of primary
and secondary techniques, whereas Enhanced oil recovery (EOR), a third
technique, concentrates on the reservoir's immobile oil, which cannot be
produced due to capillary and viscous forces. Over time, technology has
advanced from immediate oil recovery and towards total oil recovery.
Additionally, several nations are boosting domestic production through
technological development, which is projected to improve the market ,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“South America Enhanced
Oil Recovery Market By Technology (Gas Injection, Thermal Injection, Chemical
Injection, Microbial Injection, and Other Technologies), By Application
(Onshore and Offshore), By Region, Competition Forecast and Opportunities,
2018-2028”, has evaluated the future growth potential of South
America Enhanced Oil Recovery Market and provides statistics and information on
market structure, size, share, and future growth. The report is intended 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
present in the South America Enhanced Oil Recovery Market.
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