Transparency Market Research Reports included a detailed market survey and analysis trends on “Enhanced Oil Recovery Market”.
This report also includes more info about basic overview of the
industry including definitions, applications and global market industry
structure.
Enhanced oil recovery (EOR) is a term for the techniques used for
boosting oil recovery by injecting chemicals, gas, or steam to force
more oil from an aged field. EOR is also called tertiary recovery or
improved oil recovery. On an average, 70% to 75 % of the oil remains
trapped in reservoirs because it is too difficult to extract, so by
using EOR, about 30 to 60 % of the reservoir's original oil can be
extracted. EOR has the capability to increase oil recovery up to 75%,
although it is expensive to use in an oil field.
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Currently three methods of EOR are used - gas injection,
thermal recovery, and miscible solvents. But all the reservoirs cannot
use EOR methods for production due to the higher cost of development. So
these reservoirs must be heavily evaluated to determine which type of
EOR will work best on the reservoir.
Thermal (Steam):
A
steam injection heats the oil inside the reservoir which helps it flow
easily through the fractures to the production wells. Along with maximum
possible oil recovery, the thermal recovery method is accompanied by
high capital expenditures as well as high operating cost and is
therefore risky. A steam injection into the reservoir raises recovery
from 3-5% to 25-35%. The best thermal production techniques which are
used currently are: steam assisted gravity drainage, cyclic steam
stimulation, steam flood, and in-situ combustion. In 2011 some advanced
projects started in Oman and California, which used solar energy to
produce steam. It is estimated that over 50% of applied EOR in the
United States is done by thermal recovery.
Gas Injection:
Gas
injection for EOR involves injecting nitrogen, carbon dioxide, or
natural gas into the reservoir among which the carbon dioxide-EOR method
is gaining the most popularity. Gas injection EOR involves injecting
the miscible gas into a reservoir which creates an easy flowing mixture
which flows to production wells from the reservoir. Injecting gas into
the fractures raises the recovery of oil from the field from 10% to
45-50%.
Chemical Injection:
Chemical
EOR introduces a polymer into the reservoir to improve the
effectiveness of surfactants, which helps lower the surface tension that
holds back the flow of crude oil through the well. This method includes
surfactant flooding (including foam) polymer displacement, alkaline
displacement, acid displacement, chemical reagents displacement, and
microbiological treatment. It is estimated that injection of chemical
into the reservoirs increases the oil recovery from 15 % to 25%.
The
use of this method is limited because of the expensive chemicals
needed, impact on the environment, and less proven records of success of
this method. With the application of this method the recovery of oil
from the field sees an increase of 15 % to25%.
The market
is showing growth since 2005 because of government interest and
investment in new technologies as the increase in oil production will
fuel the economy and use of CO2 will help reduce the industrial CO2
emissions. It is estimated that more than 130 billion tons of carbon
dioxide could be captured by CO2-EOR on a global scale. The current
total oil production is approximately 700 million barrels which is
expected to grow almost 10 times by 2020 which will boost the revenue by
around 14 times in the next 8-10 years.
There is an increase
in the use of gas-EOR by oil industries in America, Asia-Pacific, and
in other countries because the companies with carbon capture and storage
technologies can market their carbon dioxide to oil industries, which
also helps them to reduce greenhouse gases and receive possible tax
breaks or government grants.
This research report analyzes
this market depending on its market segments, major geographies, and
current market trends. Geographies analyzed under this research report
include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This
report is a complete study of current trends in the market, industry
growth drivers, and restraints. It provides market projections for the
coming years. It includes analysis of recent developments in technology,
Porter’s five force model analysis and detailed profiles of top
industry players. The report also includes a review of micro and macro
factors essential for the existing market players and new entrants along
with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a technological growth map over time to understand the industry growth rate
- It provides a seven-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segments
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