Enhanced Oil Recovery Market Insights, Potential Business Strategies, Mergers and Acquisitions, Revenue Analysis-P&S Intelligence
The major trend being observed in the global enhanced oil recovery market is increased investments by companies to boost the production of oil and gas. Owing to the large-scale consumption of oil and gas, many market players are focusing on expanding their production capacity, mainly through the upgradation of existing wells, exploration of new wells, and expansion in new geographies.
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Crude oil can be obtained from reservoirs through three methods: primary recovery, secondary recovery, and tertiary (enhanced) recovery. In primary recovery, the natural pressure of the reservoir drives the oil into the wellbore. The method can also be carried out with the help of an artificial lift to bring the oil to the surface. However, most of the oil that can be recovered from this method has already been recovered by producers. Hence, oil-producing companies are now using tertiary or enhanced oil recovery techniques of oil extraction.
Based on region, the enhanced oil recovery market is categorized into Europe, North America, Asia-Pacific, Latin America, and the Middle East and Africa. Among all these regions, North America held the largest share in the market during the historical period. This can be majorly attributed to the presence of several major oilfield service companies, such as Baker Hughes, a GE company and Halliburton Energy Services Inc., in the region. Moreover, the commercial exploration of shale gas in the U.S. is expected to support the growth of the North American enhanced oil recovery market during the forecast period.
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The major factor driving the growth of the enhanced oil recovery market is the growing demand for oil and gas from across the world. Due to the rising demand for energy, conventional oil and gas resources are increasingly being used up and, therefore, depleting at a fast pace. Thus, in order to meet the ever-increasing energy demand, major oil companies are shifting their focus toward unconventional oil and gas reserves for the exploration of shale oil, shale gas, tight oil, tight gas, and coal bed methane (CBM), which involves the utilization of services pertaining to enhanced oil recovery.
The enhanced oil recovery market is expected to witness significant growth in emerging oil-producing regions, particularly Africa and the Pacific Ocean. These regions have vast unexplored reserves of oil and gas, which are sufficient to meet the growing energy demand. The untapped oil reserves in these regions, therefore, offer lucrative opportunities to the players operating in the market.
Enhanced Oil Recovery Market Competitive Landscape
The market is characterized by the presence of oil and gas companies having operations in more than one country. Some of the major companies operating in the global enhanced oil recovery market are Chevron Phillips Chemical Corporation, Secure Energy Services Inc., Royal Dutch Shell PLC, Fmc Technologies Inc., Xytel Corporation, Schlumberger Limited, Praxair Technology Inc., BASF SE, NALCO Company, and Halliburton Energy Services Inc.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, the U.K., Russia, Norway, China, India, Malaysia, Indonesia, Brazil, Mexico, Venezuela, Saudi Arabia, the U.A.E., South Africa, Nigeria, Iran, and Iraq.
This post was originally published on Pharmaceutical Industry