High oil demand and increased investment by national oil companies are expected to drive the market from 2023 to 2028.
TechSci Research’s report “South America Enhanced Oil Recovery Market– By Country, Competition, Forecast & Opportunities, 2028,” the South America Enhanced Oil Recovery Market is projected to grow during this period, primarily due to maturing oil fields and advancements in recovery technologies, albeit hindered by volatile crude oil prices.
The Thermal Injection Method dominates the market, known for improving oil recovery, especially for heavy crude oil, by injecting thermal energy into the reservoir to reduce viscosity. While natural gas is traditionally used for thermal energy, solar EOR and gas injection techniques are gaining traction. CO2-EOR, supported by carbon capture and sequestration, is rapidly increasing oil output. Chemical EOR involves injecting polymers and surfactants to enhance oil production.
In application, onshore wells outstrip offshore ones due to accessibility, lower costs, established technology, and reservoir knowledge. Onshore EOR operations are more cost-effective, but rising investment in offshore exploration may unlock opportunities. Brazil leads in production, benefitting from offshore technology advancements and strategic exploration bidding, while Venezuela’s production declines.
Chemical EOR technology enhances oil well productivity by lowering interfacial pressure and increasing viscosity through polymer and surfactant injection.
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Key market players in the South America Enhanced Oil Recovery Market include:
- Halliburton Latin America S.R.L. (Ecuador)
- Schlumberger del Ecuador S.A.
- Baker Hughes of Mexico S. de R.L. de C.V.
- ExxonMobil Corporation
- Arabian American Oil Company (ARAMCO)
- Petroleo Brasileiro SA
- Equinor ASA
- Chevron Corporation
- China Petroleum & Chemical Corporation
- BP p.l.c
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“The South America Enhanced Oil Recovery Market is poised for expansion in the forecasted period,” stated Mr. Karan Chechi, Research Director at TechSci Research. Traditionally, primary and secondary techniques have focused on the reservoir’s mobile oil, while Enhanced Oil Recovery (EOR) targets immobile oil using advanced technologies. Nations are enhancing domestic production through technological advancements, driving market growth.
The report “South America Enhanced Oil Recovery Market By Technology (Gas, Thermal, Chemical, Microbial, and Others) and Application (Onshore and Offshore), 2018-2028” evaluates the market’s growth potential, providing insights on structure, size, share, and future growth. It aims to offer cutting-edge market intelligence for informed decision-making, identifying emerging trends, drivers, challenges, and opportunities in the South America Enhanced Oil Recovery Market.
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