The global enhanced oil recovery market size is expected to grow from an estimated USD 43.3 billion in 2020 to USD 59.4 billion by 2025, at a CAGR of 6.5% during the forecast period. With the increasing production from mature oilfields, there are high growth prospects for the enhanced oil recovery market during the forecast period.
A few major players that have a wide regional presence dominate the enhanced oil recovery market. The leading players in the enhanced oil recovery market include Halliburton (US), Schlumberger (US), Baker Hughes Company (US), Royal Dutch Shell Plc (Netherlands), and BP Plc(UK).
The major strategies adopted by these players include contracts & agreements, new product launches, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. Contracts & agreements and investments & expansions were the two most commonly adopted strategy from January 2017 to May 2020.
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Schlumberger (US), founded in 1926, is one of the leading providers of products, services, technology, information solutions, and integrated project management solutions for the global oil & gas exploration and production industry. Schlumberger offers products, services, technology, information solutions, and integrated project management solutions to the worldwide oil & gas exploration & production industry. The company’s primary business activities include research & engineering, manufacturing, operations, maintenance, and resource planning. Moreover, the company manages its business through four segments, namely, reservoir characterization, drilling, production, and Cameron. It enhanced oil recovery services under the reservoir characterization segment. The company offers EOR lab services, EOR screening, EOR pilots, and EOR implementation. It also offers membrane technologies for CO2 separation and an innovative polymer water treatment that removes oil and oily solids down to unprecedented levels. The company has a focus on contracts & agreements. For instance, in September 2018, Schlumberger was awarded a contract by a Canadian oil and natural gas producer Pulse Oil Corp. to complete all three phases of petrochemical modeling at the Bigoray Nisku D and E Pools. Schlumberger completed a geological study, geophysical modeling, and reservoir simulation work before Pulse Oil’s ‘miscible flooding’ to Bigoray’s Nisku D and Nisku E oil reef pools.
BP (UK), founded in 1909, is one of the leading explorers and producers of oil and natural gas, refiner, and supplier of petroleum products. It also generates solar energy and manufactures chemicals. The company operates through three business segments, namely, Upstream, Downstream, and Other Businesses and Corporate. The Upstream business segment offers exploration, field development, and production for oil and natural gas. These activities are supported by various technologies such as seismic imaging, enhanced oil recovery, and unconventional and digital technologies. The company deploys gas and water EOR technology. BP Plc has a global presence and conducts its operations in more than 79 countries, and its principal areas of production are Angola, Argentina, Australia, Azerbaijan, Egypt, Oman, Trinidad, the UAE, the UK, and the US. BP owns/operates numerous refineries, chemical plants, oil fields, commodities extraction sites, and service stations globally. The company has a focus on contracts & agreements. For instance, in November 2018, BP announced its first offshore deployment LoSal enhanced oil recovery technology to its Clair Ridge project in the West of Shetland region, the offshore UK. BP owns 28.6% of the interest in the Clair field.
Enhanced Oil Recovery Market by Technology (Thermal (In-Situ Combustion, Steam, Others), Chemical (Polymer, Surfactant, Alkaline Surfactant Polymer), Gas (CO2, Other Gas), Other EOR), Application (Onshore, Offshore), and Region - Global Forecast to 2025
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