Report Description

Forecast Period

2023-2028

Market Size (2022)

USD 3.44 Billion

CAGR (2023-2028)

7.32%

Market Size (2028)

USD 5.20 Billion

Fastest Growing Segment

Offshore

Largest Market

Brazil


South America Enhanced Oil Recovery Market is anticipated to grow at a steady pace in the forecast period, 2023-2028, due to factors including the rise in mature oil resources and advances in technology that will allow for better oil recovery methods.

Enhanced oil recovery, or EOR for short, is the process of extracting crude oil from an oil field when it cannot be done in any other way. When compared to primary and secondary recovery, which can only recover 20% to 40% of the oil from a reservoir, EOR can extract up to 60% more oil. The US Department of Energy states that in addition to the injection of carbon dioxide and water, one of the three EOR techniques—thermal injection, gas injection, or chemical injection—is utilized. Quaternary recovery refers to more advanced, speculative EOR techniques.

Rising Demand for Energy Security to Bolster the Market

Any country's ability to advance economically depends on the availability of hydrocarbons. However, the cost of energy rises due to the availability of finite sources, forcing countries with low oil reserves to invest exponentially in their oil imports. As a result, many nations throughout the world are using cutting-edge technologies to increase domestic production to meet the demand for oil, which is influencing market trends for Enhanced oil recovery. By securing its energy supply, the nation will become more powerful, and the outflow of foreign currency caused by oil imports will be decreased.

Unbounded Demand for Oil to Provide Impetus to Market

The demand for petroleum products has expanded because of the exponential growth in the consumption of oil across numerous industry sectors, including transportation, shipping, power, manufacturing, and others. Operators are adopting a variety of cutting-edge techniques to meet the rising demand for oil. EOR allows maximum oil recovery from the reservoir, increasing overall production. Additionally, by eliminating the drilling of a new well, it is expected to boost the market, optimizing the production cost.

Gradual Shift towards Optimizing Oil Recovery from Reservoirs Boost the Market

EOR allows for the extraction of a significant volume of oil that is immobile and lowers the expense of drilling new wells. The EOR technique is being used by several businesses in the US to reach the set production goals. To lessen the environmental harm caused by new drilling, governments all over the world are putting more emphasis on the ultimate recovery of oil. Additionally, as wells become more established, there will probably be a larger need for cutting-edge oil extraction techniques, which will greatly boost market value. Most of the oil produced in the world today originates from established fields. Oil corporations and regulators are highly concerned with increasing oil recovery from the aged resources. Additionally, during the past few decades, there has been a steady decline in the rate at which new discoveries are replacing the produced reserves. To fulfil the increasing demand for energy in the upcoming years, it will therefore be essential to raise the recovery factors from mature fields under primary and secondary production.


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Market Segmentation

The South America Enhanced Oil Recovery Market is divided into Technology and Application. Based on Technology, the market is divided into Gas Injection, Thermal Injection, Chemical Injection, Microbial Injection, and Others. Based on Application, the market is segmented into Onshore, offshore. Based on country the market is divided into Brazil, Argentina, Colombia, Chile, Peru, Ecuador, Venezuela, Bolivia.

Market Players

Major market players in the South America Enhanced Oil Recovery Market are 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

Recent Development

  • J-Power and Schlumberger intended to work together in August 2021 to investigate the viability of creating CO2-free hydrogen using coal gasification technology. Enhanced oil recovery will be conducted using the carbon dioxide produced by the process (EOR).
  • LUKOIL and Gazprom Neft inked a collaboration agreement to conduct oil recovery Enhancement projects in October 2021. The agreement calls for collaborative work to strengthen chemical techniques for better oil recovery.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2023 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

By Technology

By Application

By Country

Country scope

Brazil, Argentina, Colombia, Chile, Peru, Ecuador, Venezuela, Bolivia

Key companies profiled

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

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Report Scope:

In this report, the South America Enhanced Oil Recovery Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • South America Enhanced Oil Recovery Market, By Technology:

o   Gas Injection

o   Thermal Injection

o   Chemical Injection

o   Microbial Injection

o   Others

  • South America Enhanced Oil Recovery Market, By Application:

o   Onshore

o   Offshore

  • South America Enhanced Oil Recovery Market, By Country:

o   Brazil

o   Argentina

o   Colombia

o   Chile

o   Peru

o   Ecuador

o   Venezuela

o   Bolivia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the South America Enhanced Oil Recovery Market.

Available Customizations:

South America Enhanced Oil Recovery Market report with the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

South America Enhanced Oil Recovery Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Impact of COVID-19 on South America Enhanced Oil Recovery Market Outlook

4.    Executive Summary

5.    Voice of Customers

6.    South America Enhanced Oil Recovery Market Outlook

6.1.  Market Size & Forecast

6.1.1. By Value

6.2.  Market Share & Forecast

6.2.1. By Technology (Gas Injection, Thermal Injection, Chemical Injection, Microbial Injection, and Others)

6.2.2. By Application (Onshore and Offshore)

6.2.3. By Country (Brazil, Argentina, Colombia, Chile, Peru, Ecuador, Venezuela, Bolivia)

6.3.  By Company (2022)

6.4.  Market Map

7.    Brazil Enhanced Oil Recovery Market Outlook

7.1.  Brazil Economic Profile

7.2.  Market Size & Forecast

7.2.1. By Value

7.3.  Market Share & Forecast

7.3.1. By Technology

7.3.2. By Application

7.4.  Brazil Energy Outlook

7.4.1. Brazil Primary Energy Consumption

7.4.2. Brazil Oil Production

7.4.3. Brazil Oil Consumption

7.4.4. Brazil Natural Gas Production

7.5.  Brazil Rig Count Outlook

8.    Argentina Enhanced Oil Recovery Market Outlook

8.1.  Argentina Economic Profile

8.2.  Market Size & Forecast

8.2.1. By Value

8.3.  Market Share & Forecast

8.3.1. By Technology

8.3.2. By Application

8.4.  Argentina Energy Outlook

8.4.1. Argentina Primary Energy Consumption

8.4.2. Argentina Oil Production

8.4.3. Argentina Oil Consumption

8.4.4. Argentina Natural Gas Production

8.5.  Argentina Rig Count Outlook

9.    Colombia Enhanced Oil Recovery Market Outlook

9.1.  Colombia Economic Profile

9.2.  Market Size & Forecast

9.2.1. By Value

9.3.  Market Share & Forecast

9.3.1. By Technology

9.3.2. By Application

9.4.  Colombia Energy Outlook

9.4.1. Colombia Primary Energy Consumption

9.4.2. Colombia Oil Production

9.4.3. Colombia Oil Consumption

9.4.4. Colombia Natural Gas Production

9.5.  Colombia Rig Count Outlook

10.  Chile Enhanced Oil Recovery Market Outlook

10.1.   Chile Economic Profile

10.2.   Market Size & Forecast

10.2.1.              By Value

10.3.   Market Share & Forecast

10.3.1.              By Technology

10.3.2.              By Application

10.4.   Chile Energy Outlook

10.4.1.              Chile Primary Energy Consumption

10.4.2.              Chile Oil Production

10.4.3.              Chile Oil Consumption

10.4.4.              Chile Natural Gas Production

10.5.   Chile Rig Count Outlook

11.  Peru Enhanced Oil Recovery Market Outlook

11.1.   Peru Economic Profile

11.2.   Market Size & Forecast

11.2.1.              By Value

11.3.   Market Share & Forecast

11.3.1.              By Technology

11.3.2.              By Application

11.4.   Peru Energy Outlook

11.4.1.              Peru Primary Energy Consumption

11.4.2.              Peru Oil Production

11.4.3.              Peru Oil Consumption

11.4.4.              Peru Natural Gas Production

11.5.   Peru Rig Count Outlook

12.  Ecuador Enhanced Oil Recovery Market Outlook

12.1.   Ecuador Economic Profile

12.2.   Market Size & Forecast

12.2.1.              By Value

12.3.   Market Share & Forecast

12.3.1.              By Technology

12.3.2.              By Application

12.4.   Ecuador Energy Outlook

12.4.1.              Ecuador Primary Energy Consumption

12.4.2.              Ecuador Oil Production

12.4.3.              Ecuador Oil Consumption

12.4.4.              Ecuador Natural Gas Production

12.5.   Ecuador Rig Count Outlook

13.  Venezuela Enhanced Oil Recovery Market Outlook

13.1.   Venezuela Economic Profile

13.2.   Market Size & Forecast

13.2.1.              By Value

13.3.   Market Share & Forecast

13.3.1.              By Technology

13.3.2.              By Application

13.4.   Venezuela Energy Outlook

13.4.1.              Venezuela Primary Energy Consumption

13.4.2.              Venezuela Oil Production

13.4.3.              Venezuela Oil Consumption

13.4.4.              Venezuela Natural Gas Production

13.5.   Venezuela Rig Count Outlook

14.  Bolivia Enhanced Oil Recovery Market Outlook

14.1.   Bolivia Economic Profile

14.2.   Market Size & Forecast

14.2.1.              By Value

14.3.   Market Share & Forecast

14.3.1.              By Technology

14.3.2.              By Application

14.4.   Bolivia Energy Outlook

14.4.1.              Bolivia Primary Energy Consumption

14.4.2.              Bolivia Oil Production

14.4.3.              Bolivia Oil Consumption

14.4.4.              Bolivia Natural Gas Production

14.5.   Bolivia Rig Count Outlook

15.  Market Dynamics

15.1.   Drivers

15.2.   Challenges

16.  Market Trends & Developments

17.  Policy & Regulatory Landscape

18.  Company Profiles

18.1.   Halliburton Latin America S.R.L. (Ecuador)

18.1.1.              Business Overview

18.1.2.              Key Revenue and Financials (If Available)

18.1.3.              Recent Developments

18.1.4.              Key Personnel

18.1.5.              Key Product/Services

18.2.   Schlumberger del Ecuador S.A.

18.2.1.              Business Overview

18.2.2.              Key Revenue and Financials (If Available)

18.2.3.              Recent Developments

18.2.4.              Key Personnel

18.2.5.              Key Product/Services

18.3.   Baker Hughes of Mexico S. de R.L. de C.V.

18.3.1.              Business Overview

18.3.2.              Key Revenue and Financials (If Available)

18.3.3.              Recent Developments

18.3.4.              Key Personnel

18.3.5.              Key Product/Services

18.4.   ExxonMobil Corporation

18.4.1.              Business Overview

18.4.2.              Key Revenue and Financials (If Available)

18.4.3.              Recent Developments

18.4.4.              Key Personnel

18.4.5.              Key Product/Services

18.5.   Arabian American Oil Company (ARAMCO)

18.5.1.              Business Overview

18.5.2.              Key Revenue and Financials (If Available)

18.5.3.              Recent Developments

18.5.4.              Key Personnel

18.5.5.              Key Product/Services

18.6.   Petroleo Brasileiro SA

18.6.1.              Business Overview

18.6.2.              Key Revenue and Financials (If Available)

18.6.3.              Recent Developments

18.6.4.              Key Personnel

18.6.5.              Key Product/Services

18.7.   Equinor ASA

18.7.1.              Business Overview

18.7.2.              Key Revenue and Financials (If Available)

18.7.3.              Recent Developments

18.7.4.              Key Personnel

18.7.5.              Key Product/Services

18.8.   Chevron Corporation

18.8.1.              Business Overview

18.8.2.              Key Revenue and Financials (If Available)

18.8.3.              Recent Developments

18.8.4.              Key Personnel

18.8.5.              Key Product/Services

18.9.   China Petroleum & Chemical Corporation

18.9.1.              Business Overview

18.9.2.              Key Revenue and Financials (If Available)

18.9.3.              Recent Developments

18.9.4.              Key Personnel

18.9.5.              Key Product/Services

18.10. BP p.l.c

18.10.1.            Business Overview

18.10.2.            Key Revenue and Financials (If Available)

18.10.3.            Recent Developments

18.10.4.            Key Personnel

18.10.5.            Key Product/Services

19.  Strategic Recommendations

20.  About Us & Disclaimer

Figures and Tables

Frequently asked questions

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By injecting water, chemicals, or gases into the reservoir or altering the physical qualities of the oil, Enhanced oil recovery (EOR) procedures increase the ability of oil to flow to a well.

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The dominant Country in South America Enhanced Oil Recovery Market is Brazil with the daily output of 2.6 million barrels, Brazil became South America's largest producer for the first time in 2021 and held 35% regional share. The development of new offshore technologies and a welcoming approach to exploration bids that has aroused the interest of multinational oil majors have worked in Brazil's favor.

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The main challenges faced in South America Enhanced Oil Recovery Market are high capital investment and economic slowdown in countries.

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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 are some of the major players in South America Enhanced Oil Recovery Market

profile

Parvati Sharma

Account Manager BD
Press Release

South America Enhanced Oil Recovery Market is expected to be dominated Onshore Segment through 2028

May, 2023

Unbounded demand for oil to provide impetus and rising capital expenditure by national oil companies to drive the market in 2023-2028.