Sellbyville, DE -- (SBWIRE) -- 03/01/2019 -- Increasing number of stripper and marginal wells along with the growing demand to produce oil at the minimum cost will drive the enhanced oil recovery market. In 2015, the EIA estimated about 380,000 stripper wells in the U.S. compared to about 90,000 non-strippers. As per the National Stripper Well Association (NSWA), the U.S. had an estimated 771,000 marginal wells in production with about 410,000 oil wells in 2013.

With the growing number of mature oil fields across the globe, enhanced oil recovery market seems to have gained a remarkable impetus in recent years. It would be prudent to mention that out of the three processes involved in oil recovery, around 40% of the oil is recovered through primary and secondary processes, while the remaining oil is extracted using tertiary or enhanced recovery. It is estimated by the Energy Information Administration that the demand for petroleum and other liquid fuel will rise to 74.8 million barrels per day by 2040 in the non-OECD region, which will automatically raise demands for more oil extraction activities in existing oil fields, spurring enhanced oil recovery market share.

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The U.S. enhanced oil recovery market will witness strong growth on account of the increasing demand for petroleum products coupled with growing investments toward E&P projects. As per the EIA, the capital expenditure for 44 onshore oil production companies in the U.S. increased by USD 4.9 billion between 2015 and 2016. Favorable government initiatives and programs to increase oil recovery from matured reservoirs will further propel the industry landscape. The International Energy Agency (IEA) introduced EOR Technology Collaboration Program (TCP) to reduce the overall cost of existing technologies and explore innovative methods to enhance the overall productivity.

Onshore enhanced oil recovery market share is predicted to witness gain over 19% owing to increasing number of aging fields along with growing focus towards heavy oil reservoirs. The U.S. Department of Energy estimated 89 billion barrels of additional oil trapped across onshore fields. In 2017, Kuwait Oil Company announced to conduct chemical EOR testing with an aim to increase production from 3.1 MMbbl/d to 3.65 MMbbl/d by 2020.

One of the biggest challenges faced by enhanced oil recovery industry is the high cost of tertiary recovery procedures. Once primary and secondary methods of oil recovery have been applied and waterflooding of the oil field has reached its limit, chemical injection remains as an option for oil recovery. However, it is not very readily deployed due to the expenses incurred by the procedure. Nonetheless, R&D programs are underway to develop the procedure of combining waterflooding with polymers or surfactants, which will bring down the unit cost and provide a boost to enhanced oil recovery market. Furthermore, with oil prices estimated to pick up during the forecast period, enhanced oil recovery market is expected to exceed 5 billion barrels by 2024.

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Environmental benefits along with the adoption of Carbon Capture and Storage (CCS) will augment the enhanced oil recovery market growth. According to the study of DOE's National Energy Technology Laboratory (NETL), CO2 EOR could provide a value-added market for the sale of carbon dioxide emitted from new coal-fired power plants.

Key players in the enhanced oil recovery market include Baker Hughes, Halliburton, National Aluminium Company Limited, Total, Petroleum Development Oman, ConocoPhillips, Statoil, Occidental Petroleum Company & LUKOIL.