Rising demand for oil and gas, as well as technical advancements in thermal/chemical flooding, would drive market expansion throughout the forecast period.
According to TechSci Research report, “North America Enhanced Oil Recovery Market – By Country, Competition, Forecast & Opportunities, 2028”. North America Enhanced Oil Recovery Market is expected to register a high CAGR in the forecast period. When compared to conventional oil extraction techniques, enhanced oil recovery (EOR) technology increases oil production from mature and old oil fields by almost 10% to 20%. Mature wells are those oil reservoirs whose production has peaked and begun to drop because of their low permeability or the presence of heavy oil. According to technical terms, EOR increases the reservoir’s permeability so that hydrocarbons can easily flow down the routes and into the targeted producing well.
As unconventional oil and gas resources are increasingly being explored, the U.S. industry is expected to experience significant expansion. Additionally, it is predicted that government financing intended to commercialize EOR technology will have a favorable impact on the industry environment. For instance, to conduct research for improvements in EOR technology, the U.S. Department of Energy (DoE) funds commercial businesses and academic institutions.
Benefits of gas injection for oil production include lower oil viscosity and higher reservoir pressure. The demand for gas injection based EOR technologies is anticipated to increase throughout the projected period due to a growing focus on unconventional gas production around the region.
Due to the high cost of technology, improved oil recovery has always relied heavily on government subsidies or creative investment programs. The method is substantially more difficult when compared to conventional therapy. The deployment of EOR requires highly trained personnel. Also, gradual implementation and integration of R&D, devotion, and willingness to take risks are barriers to the growth of the industry. Additionally, a number of CO2 injection based EOR projects began in the U.S. between 2017 and 2020, which led to the technology’s leading share over other options in the nation. For instance, the application of CO2-EOR technology has significantly increased oil production in the Permian Basin. During the projected period, these market developments are anticipated to accelerate market expansion in the United States.
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The North America Enhanced Oil Recovery Market is divided into technology and location of deployment. Based on technology, the market is divided into gas injection, thermal injection, chemical injection, microbial injection, and others. The thermal injection method is one of the most well-established and commonly used methods for improved oil recovery in the world. The process is ideal for heavy, viscous crude oil and requires injecting thermal energy into the reservoir to raise the temperature and lower the viscosity of the oil. The primary application of natural gas is to create thermal energy. However, due to its environmental benefits, solar EOR has grown in popularity in recent years. Similarly, gas injection is frequently used to improve oil mobility in reservoirs. CO2-EOR is one of the most quickly growing methods of enhancing oil output in numerous countries. Carbon capture and sequestration technologies benefit the environment by lowering carbon emissions, which may then be used to boost oil recovery. Chemical EOR is generally used to boost oil output by injecting water-soluble surfactants and polymers.
Based on Location of Deployment, the market is segmented into onshore and offshore. In comparison to offshore wells, onshore wells have a number of advantages, including easy access to resources, low production costs, well-established technology, knowledge of the reservoir, and others. As a result, more than half of the world’s oil is produced from wells on land. When compared to offshore EOR, onshore EOR deployment is more cost-effective. But rising expenditure on finding undiscovered hydrocarbon sources is probably going to open up profitable chances in the offshore sector.
Based on country, the market is divided into United States, Canada, and Mexico. Due to the widespread use of the technology in the United States, the EOR market is mostly concentrated in North America. To enhance production, the US Department of Energy (DoE) is collaborating with a number of companies to build EOR projects. Additionally, the US provides a number of incentives, such as the US section 45Q tax credit, which provides a tax reduction of USD 35/tCO2 for 12 years for CO2 stored in EOR activities and contributes to its dominance in the market share.
Key market players in the North America Enhanced Oil Recovery Market include:
- Chevron Corporation
- Occidental Petroleum Corporation
- BP International Limited
- Husky Energy Inc.
- ConocoPhillips Company
- Halliburton Company
- Schlumberger Limited
- Shell USA, Inc.
- Praxair, Inc.
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“Government organizations all across the region are placing a strong emphasis on reducing carbon footprint through technological development. A popular technology called enhanced oil recovery (EOR) helps to recover a significant proportion of oil that cannot be recovered using primary or secondary procedures. Due to the widespread use of EOR in North America, American enterprises account for a larger portion of the market. EOR gained popularity during the past century as a means of reducing capital expenditure on new projects and supplying the world’s expanding demand for hydrocarbons.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
North America Enhanced Oil Recovery Market by Technology (Gas Injection, Thermal Injection, Chemical Injection, Microbial Injection, and Others), Location of Deployment (Onshore and Offshore),By Country, Competition Forecast and Opportunities, 2028 has evaluated the future growth potential of North America Enhanced oil recovery Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the North America Enhanced Oil Recovery Market.
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