Rising demand for oil and gas & technological advancement in thermal/chemical flooding are the factors fueling the Middle East Enhanced Oil Recovery Market growth in the forecast period.
According to TechSci Research report “Middle East Enhanced Oil Recovery Market - By Country, Competition Forecast & Opportunities, 2018-2028,” the Middle East Enhanced Oil Recovery Market is expected to register robust growth during the forecast period, 2024-2028. Enhanced oil recovery, or EOR for short, is the extraction of crude oil from an oil field when it cannot be recovered in any other method. EOR may extract up to 60% more oil from a reservoir than primary and secondary recovery, which can only recover 20% to 40% of the oil. In addition to the injection of carbon dioxide and water, one of three EOR techniques—thermal injection, gas injection, or chemical injection—is employed, according to the US Department of Energy. More advanced, speculative EOR procedures are known as quaternary recovery.
Due to high expense of technology, enhanced oil recovery has relied mostly on government subsidies or inventive investment programs all around the world. When compared to standard therapies, the approach is significantly more complicated. EOR deployment necessitates highly qualified employees, phased implementation and integration of R&D, devotion, and risk-taking qualities, all of which are hurdles to market development.
Gas injection has advantages such as reduced oil viscosity and higher pressure in the reservoir for oil production. With a rising emphasis on unconventional gas production throughout the world, demand for gas injection based EOR technologies is expected to expand during the projected period.
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The Middle East Enhanced Oil Recovery Market is segmented into technology, application, country and competitive landscape. Based on Technology, the market is segmented into gas, thermal, chemical, microbial, others. The thermal 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.
The market is divided into two segments based on application, which include offshore and onshore. Onshore wells offer several advantages over offshore wells, including resource availability, cheap production costs, current technology, reservoir expertise, and others. As a result, land-based wells produce a major share of the Middle East Enhanced Oil Recovery Market.
Major market players in the Middle East Enhanced Oil Recovery Market are: -
- Schlumberger Limited
- BP P.L.C
- Saudi Aramco
- Petroleum Development Oman
- China National Offshore Oil Corporation
- Linde AG
- Abu Dhabi National Oil Company
- SGS SA
- Kemira Oyj
- Linde Plc
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“Rising demand for oil and gas, as well as technical advancements in the oil industry are causing the market to develop at a rapid pace throughout the forecast period. National oil companies are reconsidering approaches that might lead to an increase in the amount of oil produced domestically by investing in more cutting-edge technology, resulting in a fast-rising market." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Middle East Enhanced Oil Recovery Market By Technology (Gas, Thermal, Chemical, Microbial, Others), By Application (Offshore, Onshore), By Country, Competition, Forecast and Opportunities, 2028,” has evaluated the future growth potential of Middle East Enhanced Oil Recovery Market and provides statistics & information on market size, structure, and future market growth. The report intends 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 in the Middle East Enhanced Oil Recovery Market.
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