TechNavio recognizes the following companies as the key players in the Global Enhanced Oil Recovery (EOR) Market: BP plc, Chevron Corp., ExxonMobil Corp., and Royal Dutch Shell plc
Commenting on the report, an analyst from TechNavio’s team said: “The rapid depletion of fossil fuels due to overuse by industry has resulted in the increasing usage of EOR technology in the Oil and Gas industry in the past decade. The usage of EOR technology has increased the overall production of oil and gas from the production wells. Currently, oil production from mature or maturing fields does not keep pace with growing energy demand. Thus, E&P companies are increasingly turning to EOR technology since it can increase overall production from 30-60 percent depending on the capacity of the reservoirs. The usage of EOR technology will ensure the optimum exploitation of oil resources by lowering depletion rates and improving secondary oil recovery through sustainable development while focusing on long-term profits. Thus, EOR technology will ensure an increase in overall oil production from reservoirs.”
According to the report, one of the main drivers in this market is the increasing number of aging oil production wells across the globe. The rise in the number of aging oil and gas production wells will increase the demand for EOR technology to boost oil recovery from these wells, thereby propelling the growth of the market during the forecast period.
Further, the report states that one of the key challenges in this market is the capital-intensive nature of EOR projects. EOR technologies require high investments since they use chemicals, gas, and other components for injection into the production well, which increases the risk factor for operators. This in turn could have a negative impact on the growth of the market during the forecast period.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/global-enhanced-oil-recovery-eor-market-…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/engineering-and-automation
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TechNavio Announces the Publication of its Research Report -Global Enhanced Oil Recovery (EOR) Market 2014-2018
