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chemical enhanced oil recovery market

Chemical Enhanced Oil Recovery Market

USED IN THE OILFIELD OPERATIONS MAINLY TO IMPROVE WELL PERFORMANCE & EVENTUALLY THE RECOVERY FROM RESERVES

description
Description
  • The technique that is used to augment the crude oil amount that can be extracted from the reservoir is referred to as chemical enhanced oil recovery. In this procedure, the oil recovery is improved by injecting substance into the oil well so as to increase pressure and diminish crude oil viscosity. In traditional process, the recovery from oil well is over 25% of the oil reserve capacity whereas with the help of EOR techniques around 70% of the oil can be extracted from the reservoir. In instances of heavy oil reservoir where extraction of crude from primary recovery is difficult, the techniques of EOR such as thermal injection are broadly used to enhance the oil recovery process. However, in cases when the reservoirs are deep or too thin, this technique is not effective. Also, high capital investment is required in case of thermal injection technique which may offer feasible solution in case of smaller oil fields. In similar manner, the techniques of chemical injection are highly effective to boost the yield in case of wet oil reservoirs. High usage of gas injection techniques as tertiary recovery method especially CO2 injection techniques are anticipated to step up the enhanced oil recovery market growth.
  • Owing to declining oil prices since last years, the global enhanced oil recovery market is gaining traction that has negatively impacted the profit margin of oil producers. But, rising number of matured reserves along with large production of shale gas is expected to fuel the market growth. Thereby, oil produce are focused on Enhancement Of Oil Production From Existing Wells as compared to investing in new wells. These factors are projected to fuel the growth of global enhanced oil recovery market. Other than this, the EOR gas injection technique offers more advantage for the commercial scale usage of carbon dioxide (CO2) produced by different industries and power plants along with government initiatives for the green house gases disposal is anticipated to fuel the demand of enhanced oil recovery market over the future years.
regions
regions
  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Middle East & Africa (MEA)
  • Latin America
key players
KEY PLAYERS
  • Cenovus Energy Inc.
  • Chevron Corporation.
  • BP Plc.
  • Royal Dutch Shell Plc.
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