Global Enhanced Oil Recovery Market Key Players In Analysis: BASF Se, Royal Dutch Shell, Lukoil, Petronas, NALCO Company, Cheveron Chemicals And More
The Global Enhanced Oil Recovery market is valued at $20.6 billion in 2014 and is expected to reach $106.4 billion by 2022 growing at a CAGR of 22.7% during the forecast period 2014 to 2022. Growing demand for energy, reinforcing existing reserves, growing oil demand and imports in Asia Pacific region, depleting oil reserves are some of the major factors driving the global EOR market. Whereas high capital cost, technical and operational challenges are the factors hampering the market growth.
Globally, Chemical EOR is suitable for all onshore and offshore applications and it is registered as the fastest growing technology in EOR market. The growth of the market lies in the increasing oil production in the Middle East using EOR and growing usage of solar EOR process.
North America is leading the regional EOR market with more than 35% of share in total market. Europe is expected to witness significant growth rate due to growing demand for primary energy along with rising requirement for self-sufficiency in crude oil supplies. Non-OECD countries such as Nigeria, China, Indonesia, Brazil, Venezuela and Russia are estimated to have future demand. Chemical EOR technique is poised to gain market share over the forecast period mainly in Middle East and Asia Pacific.
The key players of the market include, BASF Se, Royal Dutch Shell, Lukoil, Petronas, NALCO Company, Cheveron Chemicals, Halliburton Corporation, Schlumberger Ltd. and Conoco Phillips.
• Microbial and Seismic
• North America
• Asia Pacific
o New Zealand
o Rest of Asia
• Rest of the World
o Latin America
o Middle East
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Source: EIN Presswire