The Thermal Enhanced Oil Recovery Market Report 2023-2033: This report will prove invaluable to leading firms striving for new revenue pockets if they wish to better understand the industry and its underlying dynamics.
Covid-19 Impact on Thermal Enhanced Oil Recovery Market:
The ongoing COVID-19 pandemic conditions have severely affected every sector around the world. Whereas, the chemicals and materials sectors were moderately affected during the pandemic. This is primarily due to the uncut demand for chemicals for healthcare, life science, and cleaning agents. However, other elements of chemical and material sectors such as paints, industrial oil, construction materials are facing diminution in demand. Strict lockdown resulted in a nearly 50-60% reduction in supply for raw materials, which directly affected the manufacturing process. Further, halt on many end-use industries directly affected the chemical demand all around the world.
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Thermal Enhanced Oil Recovery Market Overview
Thermal Enhanced Oil Recovery is a method that includes the burning of natural gas to produce steam. It injects into the reservoir for heating heavy oils to change their viscosity and simplify the oil recovery process. Currently, solar energy is used to produce heat and the recovery process takes place.
Additionally, the increase in technological development and reduction of fossil fuels are some major reasons contributing to the growth of the thermally enhanced oil recovery market. In addition, an increase in the oil recovery from the oil field and inadequate availability of natural gas as well as the maturation of oilfield are some other key aspects positively affecting the growth of the market.
Steam injection and In-situ combustion are the most commonly used thermal injection method. Steam-assisted gravity drainage (SAGD), cyclic steam stimulation (CSS), and steam flooding are normally used steam injection methods. The steam injection method is mostly used on oil sands and countries like Indonesia, Canada and California used steam injection on their oil fields. The in-situ method is used for heavy oil sandstone reservoirs and countries such as Romania and Canada, have some projects using the In-situ combustion process.
On the other hand, rising demand for alternate or renewable energy sources and the lack of availability of low-price natural gas is hampering the growth of the thermal enhanced oil recovery market. Growing investment and R & D activities will be open new opportunities in the thermal enhanced oil recovery market over the forecast period.
Thermal Enhanced Oil Recovery Market Segment Overview
The onshore segment is anticipated to grow at the fastest rate during the forecast period due to the increasing number of mature oil fields placed in North America, the Middle East & Africa. The onshore oilfields in these regions are mature and are on the limit of reduction containing a billion barrels of additional oil trapped and such an amount of oil can be recovered through EOR services. Hence increasing production on the onshore is fuelling the growth of the thermal enhanced oil recovery market.
Thermal Enhanced Oil Recovery Market Regional Overview
North America is expected to hold the largest share in the market due to the increased demand for oil production and the presence of matured well. Also, increase development in technologies along with the presence of well-developed infrastructure are expected to rise the growth of the thermal enhanced oil recovery market.
The Asia Pacific is expected to show satisfactory growth in the coming future due to the existence of developing economies such as India, China, and others. Moreover, the presence of many oil wells across the continent is also expected to promote the growth of the thermal enhanced oil recovery market.
Thermal Enhanced Oil Recovery Market Competitor overview
Ø In September 2019, TechnipFMC opened a surface international facility in ICAD II. The investment was to assist ADNOC to boost its operations in Abu Dhabi. The new facility open a broad range of TechnipFMC portfolio with its high technology equipment in drilling, completion, production, and pressure control segments.
Ø In November 2018, BP announced its first offshore deployment LoSal improved oil recovery technology to its Clair Ridge project in the West of Shetland region, offshore of the UK. BP owns 28.6% of the interest in the Clair field.
Ø In September 2018, BASF and Letter One recently signed an agreement to join their respective oil and gas businesses in a joint venture, which will operate under the name Wintershall DEA.
Ø In August 2018, Baker Hughes Company was awarded a contract by Cairn Oil & Gas, Vedanta Limited to construct ~300 new wells and deploy a chemical EOR program aimed at increasing production from the Rajasthan area.
Thermal Enhanced Oil Recovery Market, Key Players
· Anadarko Petroleum Corporation
· BP Plc
· Cenovus Energy Inc
· Chevron Corporation
· ConocoPhillips
· ExxonMobil Corporation
· OAO Lukoil
· Petronas
· Royal Dutch Shell Plc
· Statoil ASA
· TechnipFMC
· BASF
· Baker Hughes Company
· Suncor
· Imperial Oil
· China National Offshore Oil Corporation
· Equinor ASA
· PDVSA
· Occidental
· Husky Energy
· Sinopec
· Petroliam Nasional Berhad (Petronas)
Thermal Enhanced Oil Recovery Market Segmentation
Thermal Enhanced Oil Recovery Market, By Technology
· Oil Sands
· Heavy Oil
· Steam Injection (Cyclic Steam Stimulation (CSS), Steam Flooding)
· Steam-Assisted Gravity Drainage (SAGD)
· Other
Thermal Enhanced Oil RecoveryMarket, By Application
· Onshore
· Offshore
Thermal Enhanced Oil Recovery market, By Region:
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Feb 17, 2023
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