The global enhanced oil recovery (EOR) market is anticipated to grow at a CAGR of 6.9% during the forecast period (2023-2030). Globally, the market is driven by pivotal factors such as an increasing number of aging oil fields, and rising energy demands pushing public and private market players to invest in EOR, and collaborate for technological innovations. For instance, in April 2023, the Oil and Natural Gas Corporation (ONGC), a state-owned entity of India, announced a $7 billion investment over the next three to four years to counteract the prolonged decrease in oil and gas production. According to the ONGC, up to 24 ongoing projects are in progress focused on field development, enhanced oil recovery (EOR), and improved oil recovery (IOR) that aimed to contribute to the reversal of the declining trend in oil and gas production. The company is strategically investing in various EOR and IOR initiatives to enhance overall production.
Browse the full report description of “Enhanced Oil Recovery (EOR) Market Size, Share & Trends Analysis Report by Technique (Gas Injection, Thermal Injection, Chemical Injection, and Other), and by Application (Offshore and Onshore), Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/eor-market
In November 2023, Petroleum Development Oman (PDO) initiated a pilot project focused on utilizing CO2 for EOR in the northern region of the Sultanate of Oman. The project is in line with Oman's Vision 2040 which is aimed at de-risk and accelerate the development of full-field EOR, with three months dedicated to proving the continuous injectivity of CO2 into the reservoir, followed by a year-long injection. The project is focused on exposing oil reserves in the subsurface, laying the groundwork for a major sustainable CO2 EOR initiative within the PDO concession area. Additionally, the pilot contributes to validating a broader PDO EOR portfolio while addressing PDO's CO2 emissions.
In September 2023, Nalco Holding Company and Stepan Company formed a joint venture named Tiorco to globally market custom-engineered chemical solutions, intending to boost crude oil and gas production from existing fields. The joint venture leverages Nalco's global presence in upstream energy markets, its acquired EOR polymer and reservoir expertise, and Stepan's global surfactant technology and manufacturing capabilities. Tiorco will also act as a primary sales and engineering service channel for Nalco's BrightWater Reservoir Efficiency Technology.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Technique
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes BP PLC, Exxon Mobil Corp., Shell PLC, and TotalEnergies SE among others.
Key questions addressed by the report.
Global Enhanced Oil Recovery (EOR) Market Report Segment
By Type
By Application
Global Enhanced Oil Recovery (EOR) Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
To learn more about this report request a sample copy @ https://www.omrglobal.com/request-sample/eor-market