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The Growth of Global Enhanced Oil Recovery Market

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Let us first understand what is enhanced oil recovery

The enhanced oil recovery is also known as tertiary oil recovery which is a technique to extract crude oil from oil reservoirs. It is an oil recovery technique used to extract oil when the primary and secondary recovery techniques are not sufficient or profitable and become unproductive.

Enhanced oil recovery is used to increase the mobility of oil in order to make extraction easy and fast. There are various enhanced oil recovery technologies used in the market but the Thermal Enhanced oil recovery technology is the most widely used to extract oil from the matured oil wells. The other methods used except thermal technology  are chemical recovery, gas injection, etc. The usage of these methods is rising in number for being beneficial, cost-effective, and for providing advanced technologies to make the whole process less laborious. 

Tertiary oil recovery is the method where the immobilized oil is mobilized chemically, thermally, or physically. It helps in reducing the viscosity of the oil via different methods to extract oil at a better rate than primary and secondary recovery. Tertiary recovery is used for the production of liquid hydrocarbons by using various techniques such as reservoir re-pressurizing techniques or artificial airlifts, which will augment the market growth during the forecast period.

 

The Global Enhanced Oil Recovery Market

As the production of oil from existing fields have been witnessing a reduced number along with the growing number of mature well, there has been an acceleration in the enhanced oil recovery market.

According to oil and gas market research company report The global Enhanced Oil Recovery (EOR) market size was valued at USD 55.80 billion in 2018 and is expected to expand at a CAGR of 6.8% over the forecast period.

The factors that lead to the global enhanced oil recovery market growth are the increasing number of aged wells with an increasing demand for oil. Developing and adopting technology has been the primary factor which makes the extraction a bit easy and in plenty amount than the old and basic methods do. For example, British Petroleum has developed the LoSal low-salinity water flooding technology which makes the method of releasing the oil stuck in the clay a mere method.

The usage of the enhanced oil recovery technique is not just helpful in oil extraction but it also modifies oil properties, rock properties, and also provides flow patterns in reservoirs. Such ways of adopting technology are a huge aid in the oil recovery market to increase the capital investment that offers a better future and advanced technologies in the future.

 

Concluding with the trends of the Global Enhanced Oil Recovery market

With enhanced technology developing and used in the market so fervently, the enhanced oil recovery companies are slowly getting in to improve the infrastructure and technologies to extract oil from oil mines. The adoption of technology is making the demand for the oil a directly proportional effect. According to Oil and gas industry Experts many Oil and gas companies are extracting crude oil from offshore sources as an impact of the increasing demand and market growth.

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