- EOR Market Value is expected to reach USD 640 Billion by 2018
- In 2008, the global oil production from EOR was approximately 3.1% of total global oil production.
- The current average recovery factor for oilfields, on a global basis, is approximately 33%.
Ken Research announced its latest publication on “Global EOR Industry Outlook to 2018” which provides a comprehensive analysis of the EOR industry in the world covering various aspects such as market size on the basis of EOR Market Value, Oil Production from EOR and Oil Volume Potential for EOR, market segmentation by oil volume potential by regions, expected trends in the future and future projections of the Global EOR industry with key growth drivers and challenges impacting the industry. The report also provides detailed explanation of the various macro variables and industry factors impacting the growth of Global EOR industry.
The Global EOR industry is expected to witness a growth in the coming years on account of rising crude oil demand from emerging economies of the world fueled by expansion crude oil consumption of industrial sectors and refineries. The surge in EOR market value is anticipated to be majorly driven by the expected increase in recovery rate of oil. The global EOR industry is comprised of large companies such as Chevron and BP which possess good EOR project portfolio as wholly owned and through joint ventures at various important petroleum reservoirs where easy oil era has been over in the recent past years. The EOR market value had grown at a CAGR of 36.7% from 2008-2013.
According to the research report, the Global EOR market value will grow at a healthy CAGR rate thus reaching approx. USD 640 billion by 2018 due to the increasing crude oil demand and rising global refining capacities.
“With an era of easy oil over in recent past decade, the petroleum industry is looking beyond primary and secondary methods of oil recovery. This factor forms the basis for applying tertiary recovery processes such as EOR methods which have the potential to raise the oil production from mature oil reserves. Therefore, there is an excellent opportunity for Global EOR industry to leverage their expertise in applying various EOR methods as two-thirds of global proved oil reserves are yet to be recovered. Few major challenges such as crude oil prices volatility and presence of natural gas as alternative in energy portfolio of global economies are there which will affect the growth of this industry in the future”, according to the Research Analyst, Ken Research.
Key Topics Covered in the Report:
Global EOR Industry
– Market Size by Oil Production from EOR, EOR Market value, Potential Market Value in terms of Oil Recovery through EOR methods
– Market Segmentation by
o Reserve-to-Production Ratios
o Oil Volume Potential for EOR by Countries
– Historic Trends and Future Development
– SWOT/PEST Analysis
– Competitive Landscape of other major players
– Growth Drivers
– Future Outlook and Projections
– Macro Economic Variables
Companies Covered in the Report