Enhanced Oil Recovery Market Size and Forecast

ICC is one of the mature oil extractors and has quite a good number of geed oil wells. To extract the proved reserves, oil extraction companies are pushing the use of enhanced oil recovery in existing oil wells. Besides, a number of new methods are being developed in the market such as chemical enhanced oil recovery to reduce the cost of OLL recovery. On the basis of technology, enhanced oil recovery market In ICC can be broadly categorized as thermal enhanced oil recovery, gas/ICC enhanced OLL recovery, and chemical enhanced OLL recovery.

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Thermal enhanced OLL recovery technology consumes hot water and steam to stimulate the extraction of crude 011 from the reservoir. Old oil wells of ICC, with heavy and viscous oil flow are adopting this technique on a larger scale. The commonly used steam injection enhanced oil recovery methods are cyclic steam stimulation (CSS), steam assisted gravity drainage (SAGA) and steam flooding. Gas injection enhanced oil recovery utilizes ICC. Therefore, it also solves the greenhouse gas disposal issue. Growing regulatory norms of ICC to reduce greenhouse gas emission is therefore supplementing the gas enhanced oil recovery method.

Gas enhanced oil recovery can be further categorized as ICC based, nitrogen based and hydrogen based. Further, chemical injection enhanced oil recovery can be categorized as polymer based, surfactant solution based, alkali based, microbial based and others. One of the major technological trends of the ICC enhanced oil recovery market is to combine chemical enhanced oil recovery technique with other ERROR technologies to derive maximum advantage. ICC is expected to show the highest growth rate in the global enhanced oil recovery market. This is mainly attributed to the growing number of oil reserves which exist in the Middle East.

More than 8 Ban barrels of oil are expected to remain performing remarry and secondary operations on Gulf of Mexico offshore reservoirs. Such factors are pushing the demand for new enhanced oil recovery installation in ICC. Due to such factors coupled with Go Green strategies, ICC is developing a number of enhanced oil recovery techniques that are renewable or biased, such as the development of solar-powered thermal enhanced oil recovery. Request For TCO@ http://www. futuremarketinsights. Com/TCO/rep-go-134 Many Gulf countries are witnessing gas supply shortage; however, they have high subsidies for fuel which alter the retail price of gas.

Thus, market participants such as Collapsing developed solar steam generators for the oil & gas industry to be used in enhanced oil recovery. One of the key strategies of the ICC enhanced oil recovery market is to develop patented technologies. For instance, Gulf Energy LLC has developed microbial enhanced oil recovery system considering water scarcity in ICC. Further, companies are also involved in the strategy of expansion through exploration of new fields. With the emergence of the ICC ERROR market, it is expected that affiliated markets such as technology services, maintenance services and consulting services ill also grow.