Enhanced Oil Recovery Market Growing at 16.93% CAGR to 2019

Aug 31, 2015, 05:00 ET from ReportsnReports

PUNE, India, August 31, 2015 /PRNewswire/ --

The major factors driving enhanced oil recovery market growth include increasing oil consumption coupled with diminishing production from mature fields according to this new global research on EOR industry for 2015-2019.

Complete report on enhanced oil recovery market spread across 62 pages, analyzing 5 major companies and supported with 23 data exhibits is now available at http://www.reportsnreports.com/reports/420126-global-enhanced-oil-recovery-eor-market-2015-2019.html .

According to this enhanced oil recovery market 2015 research, global consumption of oil and gas is continuously increasing because of the rise in population and per capita income. Increasing oil consumption coupled with diminishing production from mature fields are some of the major driving factors in the global EOR market. This technique is playing a key role in meeting the rising oil demand. CO2 is a GHG that causes large-scale environment degradation. Carbon sequestration is a process in which CO2 captured from various sources is pumped into deep subsurface rock formations for long-term storage. Enhanced oil recovery market has one of the most attractive methods for carbon sequestration as the geographical characteristics and behavior of reservoirs are well understood by oil and gas producing and service companies. In addition, the cost of CO2 injection is compensated by the sale of additional recovered oil.

This enhanced oil recovery market report states that the high capital costs associated with deployment of EOR projects is a big challenge that is expected to negatively impact the market, especially when oil prices are decreasing. Enhanced oil recovery (EOR) is also known as tertiary recovery. It uses various technologies to enhance the production of oil after the recovery from primary and secondary recovery methods and to improve the hydrocarbon mobility within a reservoir and restore the formation pressure. EOR plays a significant role in improving oil production, especially in case of mature oilfields. The primary recovery methods can produce around 10% of the reservoir's initial oil-in-place while the secondary methods have an oil recovery factor of 20-50%. EOR can extract 30-60% of the oil-in-place.

The report, Global EOR Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by the vendors and the market at large, as well as the key trends emerging in the market. ExxonMobil, Royal Dutch Shell, Chevron, BP and Total are the major companies analyzed in this research. Other prominent vendors simply mentioned in this enhanced oil recovery market report include Canadian Natural Resources, Cenovus Energy, China National Petroleum, ConocoPhillips, Denbury Resources, Kinder Morgan, Lukoil, Nexen, Occidental Petroleum, Petróleos de Venezuela, Petróleos Mexicanos, Petrobras, Petroleum Development Oman and Suncor Energy. Order a copy of this report at http://www.reportsnreports.com/Purchase.aspx?name=420126 .

This 2015 enhanced oil recovery market research helps answer key questions like what will the market size be in 2019 and what will the growth rate be? What are the key EOR market trends? What is driving this market? What are the challenges to market growth? Who are the key vendors in enhanced oil recovery market space and what is their portfolio matrix? What are the market opportunities and threats faced by the key vendors? What is the competitive landscape as characterized by geography? What are the strengths and weaknesses of the key EOR vendors?

On the same lines, another research titled Enhanced Oil Recovery Market by Technology (Thermal, Gas, Chemical, Microbial and Seismic) and by Applications (Onshore and Offshore) - Global Trend & Forecast to 2019 says enhanced oil recovery market is expected to grow at a healthy growth rate of 18.2% between 2014 and 2019. Chemical EOR is the fastest growing technology within enhanced oil recovery market across the globe and are suitable for all the application areas including onshore and offshore. The overall market size of EOR has been presented in terms of excess production, that is, on the basis of the barrels of oil produced via EOR method. The same is further split on the basis of method used to recover a particular type of oil. The oil prices from authentic sources have been taken into consideration while calculating the market size in terms of value of EOR.

With the emergence of EOR techniques, the operators, NOC's, and IOC's are concentrating on increasing efficient well production and revisiting abandoned and aging wells. The key players of enhanced oil recovery market prefer agreements, contracts, joint ventures, and partnership strategies and mergers & acquisitions to garner a larger share in the market. Leading enhanced oil recovery service providers and manufacturers are focusing on the emerging countries that are estimated to show potential for industrial development in the near future. The report provides a full analysis of key companies and competitive analysis of developments recorded in the industry during the past five years. In the report market drivers, restraints, opportunities, and challenges of the market are discussed in detail.

Companies profiled in this enhanced oil recovery market research include BP (U.K.), Royal Dutch Shell (Netherlands), Cheveron Chemicals (U.S.), Exxon Mobil Corporation (U.S.), Cenovus Energy, (Canada), Statoil Asa (Norway), Lukoil (Russia), Petrobras (Brazil), Petronas (Malaysia), Conoco Phillips (U.S.) and China Petroleum & Chemical Corporation (Beijing). Comprehensive table of contents and more on this research is available at http://www.reportsnreports.com/reports/327951-enhanced-oil-recovery-market-by-technology-thermal-gas-chemical-microbial-and-seismic-and-by-applications-onshore-and-offshore-global-trend-forecast-to-2019.html .

Explore more reports related to the energy and power market at http://www.reportsnreports.com/market-research/energy-and-power-supplies/ .

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