Burnaby, British Columbia, Canada, November 25, 2015 --(PR.com
)-- According to the TechSci Research report “Global Enhanced Oil Recovery Market Forecast & Opportunities, 2020”, the Enhanced Oil Recovery (EOR) market is projected to grow at a CAGR of around 8% during 2015-2020. In 2014, EOR process accounted for about 4% of the overall global crude oil production. Over the last couple of years, a fall in prices of crude oil has adversely affected the profit margins of oil field operators across the globe. To overcome the negative effects of decline in crude oil prices and increase in the number of mature oil wells, EOR techniques are being increasing employed to increase productivity.
In 2014, North America accounted for the highest share in the global enhanced oil recovery market, followed by South America and Europe.Thermal methods of enhanced oil recovery are the most preferred tertiary oil recovery methods, followed by gaseous methods, chemical methods and others. However, being more advantageous over thermal methods, gaseous methods for enhanced oil recovery are expected to lead the global enhanced oil recovery market in the coming years, with the most favorable substance used for this method being carbon dioxide.
“Global Oil Enhanced Oil Recovery Market is expected to grow on account of consistent increase in the number of maturing crude oil fields in North America, South America and Europe. To overcome the high exploration and production costs involved in extraction of crude oil from new wells, the market for enhanced oil recovery is anticipated to grow over next five years,” said Mr. Karan Chechi, Research Director of TechSci Research, a research based global management consulting firm.