North America Enhanced Oil Recovery Market is Expected to be Dominated by the United States
Rising demand for oil and gas,
as well as technical advancements in thermal/chemical flooding, would drive
market expansion throughout the forecast period.
According to TechSci Research
report, “North America Enhanced Oil Recovery Market - By Country,
Competition, Forecast & Opportunities, 2028”. North America Enhanced
Oil Recovery Market is expected to register a high CAGR in the forecast period.
When compared to conventional oil extraction techniques, enhanced oil recovery
(EOR) technology increases oil production from mature and old oil fields by
almost 10% to 20%. Mature wells are those oil reservoirs whose production has
peaked and begun to drop because of their low permeability or the presence of
heavy oil. According to technical terms, EOR increases the reservoir's
permeability so that hydrocarbons can easily flow down the routes and into the
targeted producing well.
As unconventional oil and gas
resources are increasingly being explored, the U.S. industry is expected to
experience significant expansion. Additionally, it is predicted that government
financing intended to commercialize EOR technology will have a favorable impact
on the industry environment. For instance, to conduct research for
improvements in EOR technology, the U.S. Department of Energy (DoE) funds
commercial businesses and academic institutions.
Benefits of gas injection for
oil production include lower oil viscosity and higher reservoir pressure. The
demand for gas injection based EOR technologies is anticipated to increase
throughout the projected period due to a growing focus on unconventional gas
production around the region.
Due to the high cost of
technology, improved oil recovery has always relied heavily on government subsidies
or creative investment programs. The method is substantially more difficult
when compared to conventional therapy. The deployment of EOR requires highly
trained personnel. Also, gradual implementation and integration of R&D,
devotion, and willingness to take risks are barriers to the growth of the
industry. Additionally, a number of CO2 injection based EOR projects
began in the U.S. between 2017 and 2020, which led to the technology's leading
share over other options in the nation. For instance, the application
of CO2-EOR technology has significantly increased oil production in the Permian
Basin. During the projected period, these market developments are anticipated
to accelerate market expansion in the United States.
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The North America Enhanced Oil
Recovery Market is divided into technology and location of deployment. Based on
technology, the market is divided into gas injection, thermal injection,
chemical injection, microbial injection, and others. The thermal injection
method is one of the most well-established and commonly used methods for
improved oil recovery in the world. The process is ideal for heavy, viscous
crude oil and requires injecting thermal energy into the reservoir to raise the
temperature and lower the viscosity of the oil. The primary application of
natural gas is to create thermal energy. However, due to its environmental
benefits, solar EOR has grown in popularity in recent years. Similarly, gas
injection is frequently used to improve oil mobility in reservoirs. CO2-EOR is
one of the most quickly growing methods of enhancing oil output in numerous
countries. Carbon capture and sequestration technologies benefit the
environment by lowering carbon emissions, which may then be used to boost oil
recovery. Chemical EOR is generally used to boost oil output by injecting
water-soluble surfactants and polymers.
Based on Location of Deployment,
the market is segmented into onshore and offshore. In comparison to offshore
wells, onshore wells have a number of advantages, including easy access to
resources, low production costs, well-established technology, knowledge of the
reservoir, and others. As a result, more than half of the world's oil is
produced from wells on land. 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 up profitable
chances in the offshore sector.
Based on country, the market is
divided into United States, Canada, and Mexico. Due to the widespread use of
the technology in the United States, the EOR market is mostly concentrated in
North America. To enhance production, the US Department of Energy (DoE) is
collaborating with a number of companies to build EOR projects. Additionally,
the US provides a number of incentives, such as the US section 45Q tax credit,
which provides a tax reduction of USD 35/tCO2 for 12 years for CO2 stored in
EOR activities and contributes to its dominance in the market share.
Key market players in the North
America Enhanced Oil Recovery Market include:
- Chevron
Corporation
- Occidental
Petroleum Corporation
- BP
International Limited
- Husky
Energy Inc.
- ConocoPhillips
Company
- Halliburton
Company
- Schlumberger
Limited
- Shell
USA, Inc.
- Praxair,
Inc.
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“Government organizations all
across the region are placing a strong emphasis on reducing carbon
footprint through technological development. A popular technology called
enhanced oil recovery (EOR) helps to recover a significant proportion of oil
that cannot be recovered using primary or secondary procedures. Due to the
widespread use of EOR in North America, American enterprises account for a
larger portion of the market. EOR gained popularity during the past century as
a means of reducing capital expenditure on new projects and supplying the
world's expanding demand for hydrocarbons.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
North America Enhanced Oil
Recovery Market by Technology (Gas Injection, Thermal Injection, Chemical
Injection, Microbial Injection, and Others), Location of Deployment (Onshore
and Offshore),By Country, Competition Forecast and Opportunities, 2028 has
evaluated the future growth potential of North 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 North
America Enhanced Oil Recovery Market.
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