Enhanced Oil Recovery Market Size, Market Applications, Growth, Share, Demand and Forecasts 2023

Enhanced Oil Recovery Market Research Report- Forecast to 2023

Enhanced Oil Recovery Market Size, Market Applications, Growth, Share, Demand and Forecasts 2023

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Copyright Š 2018 Market Research Future.

Enhanced Oil Recovery Market Research Report- Forecast to 2023

1 Summary Usually, oil is recovered from oil wells through primary recovery method by using naturally occurring forces. However, even after implementation of primary recovery method, there is still a considerable amount of oil will be left over on the well. Enhanced oil recovery research has been extensively conducted by upstream operators across regions to increase the operational life of their wells. The enhanced oil recovery operations are carried out on both offshore and onshore wells.

Key Players: The key players in the global enhanced oil recovery market are Praxair Technology, Inc., PJSC Lukoil Oil Company , FMC Technologies, Inc., Chevron Phillips Chemical Corporation, Schlumberger Ltd., Royal Dutch Shell Plc, Halliburton Corporation, Basf SE, Baker Hughes, a GE company, Statoil ASA, BP Plc., Exxon Mobil, and Titan Oil Recovery.

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Market Overview

Enhanced oil recovery methods refer to the method of recovering more oil from existing oil wells. The global oil industry is witnessing one of the major slowdowns in recent times as the oil prices dropped to

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Copyright Š 2018 Market Research Future.

Enhanced Oil Recovery Market Research Report- Forecast to 2023

historic low in 2015. One of the main reasons for the drop in prices was the reduced demand for oil in the U.S. and China due to shale oil boom. However, the ripple effect caused by the drop in oil prices severely affected the upstream industry as the majority of the operators had to scale down their production. This has led them to stop new production activities and depend on existing well for oil production for their operations. Besides, most of the oil wells around the world are already nearing their operational lifetime and oil production from these wells are constantly declining. To enhance the oil production from existing wells, oil field upstream operators are investing in enhanced oil recovery methods, which are expected to increase the oil production from existing wells.

Segments

3 Market Research Analysis The North America and Europe regions are expected to be the major markets for the global enhanced oil recovery market. As the number of mature oil fields is on the rise in these regions, it is expected that many

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Copyright Š 2018 Market Research Future.

Enhanced Oil Recovery Market Research Report- Forecast to 2023

upstream oil service providers would increasingly look into the enhanced oil recovery methods for increased production. The Asia Pacific region is expected to with countries, such as Malaysia, Indonesia, and Australia, looking forward to implementing enhanced oil recovery in their oil fields. Implementation of enhanced oil recovery methods further decreases a country’s dependence on oil imports, which further drives the market for enhanced oil recovery.

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Copyright Š 2018 Market Research Future.

Enhanced Oil Recovery Market Research Report- Forecast to 2023

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Copyright Š 2018 Market Research Future.