Enhanced Oil Recovery Market - Global Forecast, Share, Trends, Size, Growth, And Industry Analysis, 2012 - 2018
Albany, New York (PRWEB) April 26, 2013
Enhanced oil recovery (EOR) is a term for the techniques used for boosting oil recovery by injecting chemicals, gas, or steam to force more oil from an aged field. EOR is also called tertiary recovery or improved oil recovery. On an average, 70% to 75% of the oil remains trapped in reservoirs because it is too difficult to extract, so by using EOR, about 30 to 60% of the reservoir's original oil can be extracted. EOR has the capability to increase oil recovery up to 75%, although it is expensive to use in an oil field.
Currently, three methods of EOR are used - gas injection, thermal recovery, and miscible solvents. But all the reservoirs cannot use EOR methods for production due to the higher cost of development. So these reservoirs must be heavily evaluated to determine which type of EOR will work best on the reservoir.
Related Report : Mining Equipment Market
A steam injection heats the oil inside the reservoir which helps it flow easily through the fractures to the production wells. Along with maximum possible oil recovery, the thermal recovery method is accompanied by high capital expenditures as well as high operating cost and is therefore risky. A steam injection into the reservoir raises recovery from 3-5% to 25-35%. The best thermal production techniques which are used currently are: steam assisted gravity drainage, cyclic steam stimulation, steam flood, and in-situ combustion. In 2011 some advanced projects started in Oman and California, which used solar energy to produce steam. It is estimated that over 50% of applied EOR in the United States is done by thermal recovery.
Gas injection for EOR involves injecting nitrogen, carbon dioxide, or natural gas into the reservoir among which the carbon dioxide-EOR method is gaining the most popularity. Gas injection EOR involves injecting the miscible gas into a reservoir which creates an easy flowing mixture which flows to production wells from the reservoir. Injecting gas into the fractures raises the recovery of oil from the field from 10% to 45-50%.
Related Report : Fuel Cells Market
Chemical EOR introduces a polymer into the reservoir to improve the effectiveness of surfactants, which helps lower the surface tension that holds back the flow of crude oil through the well. This method includes surfactant flooding (including foam) polymer displacement, alkaline displacement, acid displacement, chemical reagents displacement, and microbiological treatment. It is estimated that injection of chemical into the reservoirs increases the oil recovery from 15 % to 25%.
The use of this method is limited because of the expensive chemicals needed, impact on the environment, and less proven records of success of this method. With the application of this method, the recovery of oil from the field sees an increase of 15 % to25%.
The market is showing growth since 2005 because of government interest and investment in new technologies as the increase in oil production will fuel the economy and use of CO2 will help reduce the industrial CO2 emissions. It is estimated that more than 130 billion tons of carbon dioxide could be captured by CO2-EOR on a global scale. The current total oil production is approximately 700 million barrels which is expected to grow almost 10 times by 2020 which will boost the revenue by around 14 times in the next 8-10 years.
Related Report : Coal Bed Methane Market
There is an increase in the use of gas-EOR by oil industries in America, Asia-Pacific, and in other countries because the companies with carbon capture and storage technologies can market their carbon dioxide to oil industries, which also helps them to reduce greenhouse gases and receive possible tax breaks or government grants.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include:
Rest of the World
This report provides comprehensive analysis of
Market growth drivers
Factors limiting market growth
Current market trends
Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
Browse Report with Request TOC : http://www.transparencymarketresearch.com/enhanced-oil-recovery.html
Reasons for Buying this Report
This report provides pinpoint analysis for changing competitive dynamics
It provides a forward looking perspective on different factors driving or restraining market growth
It provides a technological growth map over time to understand the industry growth rate
It provides a seven-year forecast assessed on the basis of how the market is predicted to grow
It helps in understanding the key product segments and their future
It provides pinpoint analysis of changing competition dynamics and keeps you ahead of competitors
It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
It provides distinctive graphics and exemplified SWOT analysis of major market segments
Browse All Market Research Reports : http://www.transparencymarketresearch.com/