Enhanced Oil Recovery Market 2016 Industry Size, Shares, Segment & Forecast up to 2020
Deerfield Beach, FL -- (SBWIRE) -- 07/08/2016 -- Enhanced Oil Recovery (Thermal Injection, Gas Injection and Chemical Injection Technology) Market - Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020
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Zion Research has published a new report titled "Enhanced Oil Recovery (Thermal Injection, Gas Injection and Chemical Injection Technology) Market - Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020". According to the report, global enhanced oil recovery market was valued at around USD 60 billion in 2014 and is expected to reach USD 225 billion in 2020, growing at a CAGR of around 25% between 2015 and 2020. In terms of volume, global enhanced oil recovery market stood at approximately 2,200.0 million barrels in 2014.
Enhanced Oil Recovery (EOR) is also known as improved oil recovery, which is divided into three different phase; primary, secondary and tertiary. Primary and secondary phrases are two main enhanced oil recovery processes. Primary oil recovery is limited to hydrocarbons that naturally rise to the surface, while secondary recovery deals with water and gas injection, removing the oil and driving it to the surface. Using enhanced oil recovery, 30 to 60%, or more, of the reservoir's original oil can be extracted as compared with 20 to 40% using primary and secondary recovery. Using typical EOR methods, an additional 10- 20% of STOIIP can be extracted from a field.
Browse the full "Enhanced Oil Recovery (Thermal Injection, Gas Injection and Chemical Injection Technology) Market - Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020" report at http://www.marketresearchstore.com/report/enhanced-oil-recovery-market-by-application-z37711
Enhanced oil recovery market is mainly driven by strong demand for oil across the world. Moreover, crude oil reserves are depleting at rapid pace. Use of enhanced oil recovery techniques has become necessary to extract optimum amount of oil from reserves. Strong growth in industrial activity in emerging economies, especially in Asia Pacific region has been resulted into growing demand for oil. However, increasing environmental concerns are expected to hold the growth of this industry as enhanced oil recovery wells normally impel large quantities of brine to the surface. The brine may contain poisonous heavy metals and radioactive substances. This can contaminate drinking water sources and the surroundings.
Thermal injection, gas injection and chemical injection are the key technology segments of the enhanced oil recovery market. Thermal injection technique of enhanced oil recovery dominated the global enhanced oil recovery market and accounted for over 40% share of the total enhanced oil recovery market in 2014. Thermal EOR technology decreases the viscosity by increasing temperature of the crude oil. Thermal EOR is further classified into in-situ combustion and steam injection techniques. Gas injection EOR and chemical EOR is expected to be the fastest growing technology segment of enhanced oil recovery market during the forecast period. Use of gas injection technology is expected to increase due to removal of green house gas and increase in crude oil recovery.
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