Chemical Enhanced Oil Recovery (EOR) Market Size is Set to Grow at a Remarkable Pace in the Coming Years.
Portland, OR -- (SBWIRE) -- 07/21/2017 -- Chemical enhanced oil recovery (EOR) is a method used to recover oil, which is applied to proliferate the amount of crude oil that can be extracted from oil fields. This technique is implemented in favorable geological conditions as depicted by single well or inter-well tracers and water flooding performances.
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Increase in number of innovations related to chemical EOR, such as robust hybrid processes, and low cost of chemicals used in comparison to price of crude oil produced drive the market growth. However, complex technology involved for this process, geological dependency of this technique, and risk of formation damage while drilling impede this growth. Formation damage can lead to reduced production and decrease in injection rates. Use of bio-based chemicals by market players, owing to its environment-friendly nature, is expected to present as a major opportunity for growth.
The chemical EOR market is segmented based on origin, technique, type, application, and geography. Based on origin, the market is divided into petro-based, bio-based, and water-based. Based on technique, it is categorized into polymer flooding (PF), surfactant-polymer (SP) flooding, alkali-surfactant-polymer (ASP) flooding, alkali-co-solvent-polymer (ACP) flooding, and low-tension gas flooding (LTG). The type segment includes water-soluble polymers, surfactants, polymer gels, biopolymers, and alkaline chemicals. Application wise, the market is bifurcated into onshore and offshore. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key market players operating in the chemical EOR market are ExxonMobil Corporation, BP p.l.c., China Petroleum & Chemical Corporation, Royal Dutch Shell plc, Chevron Phillips Chemical Company LLC., PJSC Lukoil Oil Company, Praxair Technology Inc., Chevron Corporation, Petroleo Brasileiro S.A., and Cenovus Energy Inc.
Chemical Enhanced Oil Recovery (EOR) Market Key Segments:
- Water-soluble Polymers
- Polymer Gels
- Alkaline Chemicals
- Polymer Flooding (PF)
- Surfactant-Polymer (SP) Flooding
- Alkali-Surfactant-Polymer (ASP) Flooding
- Alkali-Co-solvent-Polymer (ACP) Flooding
- Low Tension Gas Flooding (LTG)
- North America
o Rest of Europe
o Rest of Asia-Pacific
o South Africa
o Rest of LAMEA
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