Global Enhanced Oil Recovery Market Size, Share, and Trends Analysis Report, By Type (Thermal Recovery Enhanced Oil Recovery, Gas Injection Enhanced Oil Recovery, and Chemical Injection Enhanced Oil Recovery), and By Application (Onshore, Offshore), Forecast (2022-2028)

The global enhanced oil recovery market is anticipated to grow at a significant CAGR of 4.6% during the forecast period (2022-2028). The global enhanced oil recovery market is growing due to the increasing number of aged oil wells globally. The increasing demand for oil in the global market is also boosting market growth. Asia-Pacific is the major oil-importing region globally. The rising awareness about environmental protection and increasing production activities to meet the rising energy demand is significantly boosting the market growth. Additionally, favorable government policies along with technological and infrastructural advancement are driving the growth of the global enhanced oil recovery market during the forecast period. The increasing technological advancement in the performance of mining and drilling activities and the increase in the requirement for enhanced oil recovery techniques are also driving the global market growth.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new launches, to stay competitive in the market. For instance-

• In October 2021, LUKOIL and Gazpromneft — Lubricants Ltd. announced their partnership agreement to develop equipment to manufacture solutions that support enhanced oil recovery.
• In May 2021, Cairn Oil & Gas announced the launch of the enhanced oil recovery program in the Rajasthan desert of India using polymer injection technology for recovering more oil.
• In September 2020, BASF SE announced its complete installation of enhanced oil recovery polymer injection plants in Argentina.
• In March 2020, the US Geological Survey released a new assessment method to estimate how much oil and gas could be produced by injecting carbon dioxide into petroleum reservoirs and also includes a way to estimate the amount of carbon dioxide remaining in the reservoir after the production of oil and gas is completed.
• In July 2019, Oil and Natural Gas Corp. Ltd. announced the signing of an agreement with Indian Oil Corp. Ltd. for CO2-based enhanced oil recovery by injecting CO2 captured from Indian Oil Corp. Ltd Koyali refinery.
• In April 2019, SUEZ and the EOR Alliance signed a partnership to pump new life into aging oil fields.

Market Coverage

• The market number available for – 2022-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Chevron Corp., Shell, Schlumberger ltd., China Petrochemical Corp., and Exxon Mobil Corp., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Enhanced Oil Recovery Market Report by Segment

By Type

• Thermal Recovery Enhanced Oil Recovery
• Gas Injection Enhanced Oil Recovery
• Chemical Injection Enhanced Oil Recovery

By Application

• Onshore
• Offshore

Global Enhanced Oil Recovery Market Report by Region

North America

• United States
• Canada

Europe

• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• Rest of Asia-Pacific

Rest of the World

• Latin America
• Middle East & Africa