Increasing oil and gas demand coupled with increasing maturing oil and gas wells has facilitated growth in the market for EOR techniques

Date: 13 April 2016

According to recently published Azoth Analytics report “Global EOR Market: Trends, Opportunities and Forecasts (2016-2021) – By Type-Thermal Method and Non Thermal Method; By Region- N. America, S. America, Middle-East & Africa, Europe, APAC”; By Location of Application-Onshore and Offshore, Global Market for EOR is forecast to grow at a CAGR of approximately 8.11% during 2016 – 2021, on account of increased activities for oil and gas recovery from matured oil fields along with rise in unconventional recovery methods. 

Rise in Capital Intensive developments in unconventional sources, and increase in oil productivity from aging infrastructure has further accelerated various EOR related operations in the oil and gas production projects.

Decline in crude oil prices, depleting oil reserves and global economic slowdown has presented fresh challenges to the EOR Market in Oil and Gas industry. This would cause the enhanced oil recovery Market to rise at a slow pace during 2016E – 2021F owing to the lesser number of E&P spending in the region while USA captured the North American Region dominantly. 

Brazil’s EOR Market size has increased steadily in the South America Region in 2016 – 2021. Kuwait and Qatar are the most promising nation for the applying EOR methods, while China & Indonesia are expected to drive the Asia Pacific market of EOR thermal, gas and chemical market owing to their high demand for energy. 

With the high demand for energy in the American and Asian regions, there has been an increase in oil and gas recovery activities leading to growth in the market for EOR techniques. The report speaks about the offshore and onshore allocation of the market share wherein recent rise in the offshore explorations would drive the market in the offshore oil and gas industry. The percentage share of the offshore market is anticipated to rise until the year 2021. Increase in crude oil prices and depleting reserves have limited the exploration activities and also contributed to the growth of EOR market to increase productivity from aging oil wells.

In terms of segmentation, market is categorized By Type (Thermal Energy and Non Thermal Method such as Gas Injection and Chemical Injection) and By Location of Application (Offshore & Onshore). North America, South America, Middle East and Africa, Europe and Asia Pacific are being covered in the Regional segmentation.

According to recently published Azoth Analytics report “Global EOR Market: Trends, Opportunities and Forecasts (2016-2021) – By Type- Thermal Energy and Non Thermal Method such as Gas Injection and Chemical Injection; By Region- N. America, S. America, Middle-East & Africa, Europe, APAC” report has analysed the potential of EOR market and provides statistics and information on market size, shares and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the market entry strategies for various companies, emerging trends along with major drivers, challenges and opportunities in the Global Enhanced Oil Recovery Market.
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