Global Chemical Enhanced Oil Recovery (EOR) Market is projected to grow at a CAGR of 5.8% By 2031: Visiongain Research Inc

Visiongain has published a new report entitled the Chemical Enhanced Oil Recovery (EOR) Market Report 2021-2031. It includes profiles of Chemical Enhanced Oil Recovery (EOR) and Forecasts Market Segment by Application (Offshore, Onshore)  (Market Segment by Origin, Petro-based, Bio-based, Water-based) Market Segment by Type (Water-soluble Polymers, Surfactants, Polymer Gels, Biopolymers, Alkaline Chemicals) Market Segment by Technique (Polymer Flooding (PF), Surfactant-Polymer (SP) Flooding, Alkali-Surfactant-Polymer (ASP) Flooding, Alkali-Co-solvent-Polymer (ACP) Flooding, Low Tension Gas Flooding (LTG)) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.

The global chemical enhanced oil recovery (EOR) market was valued at US$887 million in 2020 and is projected to grow at a CAGR of 5.8% during the forecast period 2021-2031.

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The Selection and Execution Of An EOR Project Is A Significant Challenge

Each EOR project is highly dependent on the reservoir rock and fluid characteristics, and no single approach can be used for all reservoirs. The evaluation of an EOR project is both costly and time-consuming, and combining multiple EOR approaches is usually a stressful process. EOR projects are assessed in their entirety. The primary goal of the scanning and development of the best EOR procedure for reservoirs that do not have an EOR procedure is to reduce simulation costs and time, particularly the time spent on historical matching, which is an intrinsic time.

How has COVID-19 had a significant negative impact on the Chemical Enhanced Oil Recovery (EOR) Market?

With the oil and gas industry currently mired in a cycle of oversupply, low pricing, and instability, the economic downturn caused by the COVID-19 problem is expected to be devastating to many businesses. Over the last decade, investors have been increasingly disinterested in the business. If oil prices remain low for an extended length of time, they are likely to divert their cash elsewhere as the old oil and gas business model becomes further risky and less commercially appealing. Although the global economy may eventually recover, it is unlikely that it will return to pre-COVID-19 “business as usual” status anytime soon (if at all). Instead, the oil and gas industry is anticipated to confront extended periods of significantly reduced demand as a result of lower economic activity and increased efforts to embrace greener energy sources. Similarly, the sector must deal with oversupply challenges, whether as a result of rising oil volumes from US shale or a battle for market dominance between OPEC and Russia.

Under almost any scenario, the oil and gas industry will speed its move away from traditional economic models and toward cleaner energy sources, goods, and service offerings in the post-COVID-19 environment. The epidemic has produced a perfect storm, which, in conjunction with the continued need to cut CO2 emissions, will alter the sector. Many players’ future survival and success are dependent not only on obtaining a greater focus on renewable energy, but also on their capacity to produce even lower-cost solutions.

How this Report Will Benefit you?

Visiongain’s 600+ page report provides 417 tables and 432 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global chemical enhanced oil recovery (EOR) market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Chemical Enhanced Oil Recovery (EOR). Get the financial analysis of the overall market and different segments including type, origin, application, technique and capture higher market share. We believe that high opportunity remains in this fast-growing chemical enhanced oil recovery (EOR) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the current market drivers?

The Steam Injection Method Is Gaining Traction.

Steam injection is the most widely used and advanced thermal EOR process today. Steam is generated on the surface and pumped under high pressure into a reservoir along the injection wells. As steam enters the reservoir, the temperature of the formation rises dramatically, causing the oil viscosity to fall. This is the primary method of recovering heavy oil. Other methods, such as thermal expansion of oil and removal of capillary pressures, lead to increased oil recovery. The lighter hydrocarbons, on the other hand, are vaporized or transformed in the reservoir as the steam cools and condenses.

Increase in Crude Oil Production

The ongoing increase in crude oil production, driven by high demand for transportation fuel, chemicals, plastics, and petroleum products, is expected to boost demand for EOR in mature oil fields. The depletion of oil reservoirs is expected to sustain and advance the demand for various EOR technologies, including the chemicals injection method. The growing success of chemical EOR techniques that have been proven through field/pilot testing is expected to increase investment in the CEOR market by oil and gas companies. In September, Brent crude oil spot prices averaged $74 per barrel (b), up $4/b from August and $34/b higher than September 2020. Brent spot prices have risen from an average of $80/b in September to over $80/b in early October. Oil prices have risen in recent months as a result of consistent draws on global oil inventories, which averaged 1.9 million barrels per day (b/d) in the first three quarters of 2021 and the depletion of oil reservoirs is expected to keep and advance the need for various EOR technologies, including the chemicals injection method.

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Where are the market opportunities?

Renewable Energy Investments May Prove To Be More Sustainable.

Stakeholders in the oil and gas industry are looking for ways to reduce their carbon footprint, and they have been focusing on renewable energy sources as a long-term investment. Wind, solar, wave, and tidal energy are examples of renewable energy sources that are used to generate electricity with no carbon footprint. The growing concern about global warming, as well as the reduced reliance on fossil fuel generation sources, has increased demand for renewable energy. According to data provided by the International Renewable Energy Agency (IRENA), renewable energy is expected to account for 85 percent of global energy generation by 2050.

CO2 EOR Has Gained Significant Government Support In Recent Years

CO2 EOR has gained significant government support in recent years because it captures CO2 emitted from large point sources and then disposes of it underground using a technology known as carbon capture and geologic sequestration (CCS). As a result, it is regarded as an efficient option for meeting a country’s climate target. Many universities and other educational institutions, particularly in the United States, have focused on EOR and chemical EOR development. Other countries, such as the Middle East and Asia Pacific, have specialist divisions within larger oil companies researching chemical EOR.

Competitive Landscape

The major players operating in the chemical enhanced oil recovery (EOR) market are BP Plc., Canadian Natural Resources Limited, Cenovus Energy Inc., China National Offshore Oil Corporation (CNOOC), Equinor ASA (formerly Statoil ASA), Royal Dutch Shell, Halliburton Company, Baker Hughes Co, Schlumberger N.V., Total SE, China Petroleum & Chemical Corporation, PetroChina Company Limited, International Petroleum Corporation, Murphy Oil Corporation, Petroleum Development Oman (PDO), OMV AG (OMV), Oil and Natural Gas Corporation Limited, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

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About Visiongain

Visiongain is one of the fastest growing and most innovative, independent, market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports cover a 10-year forecast, are hundreds of pages long, with in depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets, which currently can influence one another, these markets include automotive, aviation, chemicals, cyber, defense, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customized and syndicated market research reports mean that you can have a bespoke piece of market intelligence customized to your very own business needs.

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