Global Enhanced Oil Recovery Market: Key Highlights
Global Enhanced Oil Recovery Market: Key Market Dynamics
Global Enhanced Oil Recovery Market: Regional Overview
The market in North America is expected to witness high demand for enhanced oil recovery in line with the efforts to curb CO2 emissions. The US Department of Energy estimates that currently there are 89 billion barrels of additional oil trapped in onshore reservoirs. The extraction of this trapped oil is expected to drive the demand for EOR in the region.
Presence of deposits of oil & gas in the region is the prime driver of the EOR in this region. According to the Arab Petroleum Investment Corporation (APICORP), the region planned energy investments of around USD 1 trillion in 2019. Some of the upcoming oil & gas projects in the region include Zubair Oil Field, South Pars Phases 13- 14, Petro Rabigh Integrated Refinery & Petrochemical Complex- Phase II, among others.
Global Enhanced Oil Recovery Market: Key Players Overview
Halliburton is one of the leading providers of products and services to the energy industry. It operates its business in two divisions, namely, drilling and evaluation. In June 2017, Halliburton entered into a technological cooperation agreement with Gazprom Neft in implementing new technologies, including EOR, in the exploration and production of hydrocarbons.
ROSNEFT is a leading Russian oil & gas company. It is focused on exploration of hydrocarbon fields, production of oil, gas and gas condensate, offshore field development projects, feedstock processing, sales of oil, gas and refined products. In October 2019, Verkhnechonskneftegaz JSC, a subsidiary of ROSNEFT, announced plans to additionally produce 221 thousand tonnes of oil at the Verkhnechonskoye field using the EOR technology, including 34 thousand tonnes in 2019.
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