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Chemical Enhanced Oil Recovery Market Is Estimated To Reach US$ 1.32 Billion by 2032

chemical-enhanced-oil-recovery-market-forecast-2022-2032

The global market for chemical-enhanced oil recovery is valued at US$ 800 million in 2022 and is estimated to reach an approximate size of US$ 1.3 billion by the end of 2032, reveals a new Fact.MR survey.

Enhanced oil recovery is a process that enhances oil production from old and matured oil wells and fields and since the number of matured oil fields is increasing the demand for chemically enhanced oil recovery is also expected to rise over the coming years.

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Key CEOR Techniques:

  1. Polymer Flooding: Polymer flooding involves injecting water-soluble polymers into the reservoir. These polymers increase the viscosity of injected water, reducing the flow of water and improving the sweep efficiency of oil.
  2. Surfactant-Polymer (SP) Flooding: Surfactant-polymer flooding combines the use of surfactants and polymers to reduce interfacial tension between oil and water. This method enhances oil displacement and recovery.
  3. Alkaline-Surfactant-Polymer (ASP) Flooding: ASP flooding is a comprehensive approach that combines surfactants, polymers, and alkaline agents to reduce interfacial tension, improve rock wettability, and displace oil more effectively.
  4. Alkaline Flooding: Alkaline flooding uses alkaline agents, such as sodium hydroxide, to alter the pH of injected water, making it more effective in releasing trapped oil.

Market Growth Drivers

The Chemical Enhanced Oil Recovery market is experiencing significant growth driven by several key factors:

  1. Aging Oil Fields: Many oil fields worldwide are reaching maturity, leading to declining natural oil production rates. CEOR methods provide an opportunity to revitalize these fields and extract untapped reserves.
  2. Technological Advancements: Ongoing research and development efforts are leading to the discovery of new chemicals and improved injection techniques, enhancing the effectiveness of CEOR methods.
  3. Rising Oil Demand: The global demand for oil continues to increase, creating a need for more efficient and sustainable oil extraction methods.
  4. Enhanced Recovery Rates: CEOR methods can significantly improve oil recovery rates, making them an attractive option for both operators and governments looking to maximize resource utilization.
  5. Regulatory Support: Some governments offer incentives and regulatory support for CEOR projects as part of their energy policies to promote resource recovery and reduce reliance on imports.

Competitive landscape:

Key players in the chemical enhanced oil recovery market are focusing on providing their services to new projects being launched across the world.

  • Oil and Natural Gas Corporation (ONGC), a state entity of India recently awarded two enhanced oil recovery (EOR) projects to SNF Flopam at Jhalora and Becharji fields with the latter being awarded in March of 2022. Becharji field will witness the implementation of Polymer Flooding which is a type of chemical enhanced oil recovery (EOR) technology.

Key Players

  1. Chevron Corporation: Chevron is a major oil and gas company with extensive experience in CEOR projects. The company has implemented CEOR techniques in various fields globally.
  2. Schlumberger Limited: Schlumberger is a leading oilfield services company that offers CEOR solutions, including chemical injection systems, reservoir simulation, and project management.
  3. Halliburton Company: Halliburton provides CEOR services and technologies, including polymer flooding and chemical injection systems, to improve oil recovery rates.
  4. ExxonMobil Corporation: ExxonMobil invests in research and development of CEOR technologies to optimize oil extraction from its reservoirs.
  5. Shell International B.V.: Shell has a history of successful CEOR projects and continues to invest in innovative CEOR technologies to enhance oil recovery.
  6. Baker Hughes Company: Baker Hughes offers a range of CEOR solutions, including surfactant-polymer flooding and chemical injection systems, to boost oil recovery rates.
  7. Nalco Champion (an Ecolab Company): Nalco Champion specializes in chemical solutions for the oil and gas industry, including chemicals used in CEOR processes.

Segments of Industry Research Report:

·         By Origin:

  • Petro-based
  • Bio-based
  • Water-based

·         By Application:

  • Onshore
  • Offshore

·         By Type:

  • Water-soluble Polymers
  • Surfactants
  • Polymer Gels
  • Biopolymers
  • Alkaline Chemicals

·         By Technique:

  • Polymer Flooding (PF)
  • Surfactant-Polymer (SP) Flooding
  • Alkali-Surfactant-Polymer (ASP) Flooding
  • Alkali-Co-solvent-Polymer (ACP) Flooding
  • Low Tension Gas Flooding (LTG)

·         By Region:

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA

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Questionnaire answered in the Market outlook Report of Chemical Enhanced Oil Recovery include:

  • What is the key strategy deployed by large players to maximize Chemical Enhanced Oil Recovery Market growth?
  • What are the main challenges faced by players in the Chemical Enhanced Oil Recovery market Demand?
  • With the advent of technological advancement, how will the Chemical Enhanced Oil Recovery market landscape change over the forecast period?
  • What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Chemical Enhanced Oil Recovery market size?

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