Global Chemical Enhanced Oil Recovery (EOR / IOR) Market Trajectory &

On Nov 24, 2021

DUBLIN, November 24, 2021–(BUSINESS WIRE)–The “Chemical Enhanced Oil Recovery (EOR / IOR) – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.

Global Chemical Enhanced Oil Recovery (EOR/IOR) Market to Reach $1 Billion by 2026

Global Chemical Enhanced Oil Recovery (EOR/IOR) market is projected to register moderate growth over the near-to-long term. The market, estimated at US$776.4 Million in 2020 is projected to reach US$1 Billion by 2026, registering a compounded annual growth rate (CAGR) of 4.9% over the analysis period.

While primary and secondary recovery methods are capable of extracting around 20-40% of the oil from a reservoir, EOR techniques can recover around 30-60% of the total reservoir oil. At a certain point, during the well’s life, the cost of recovering an additional barrel of oil is higher than the market value. Thus, under normal conditions, the well is deserted after recovering one-third of the original oil in place, leaving two-thirds under the ground.

Secondary recovery methods are normally used to repressure the reservoir and drive out some of the remaining oil. Enhanced oil recovery (EOR/IOR) is a technique for increasing the amount of crude oil that can be extracted from an oil field. The most advanced EOR methods are tertiary recovery methods, which include gas flooding, thermal recovery, and chemical recovery. Enhanced oil recovery techniques, include water flooding, steam injection, and hydrocarbon gas-injection methods in existing deep, light oil reservoirs to prolong the life of oil and gas reservoirs.

Other Enhanced Oil Recovery (EOR) Techniques include Microbial Recovery and Thermal Enhancement Recovery. Microbial recovery involves injecting bacteria and nutrients into the reservoir. The bacterium multiplies and biochemically manufactures surfactants and polymers.

Though the demand for energy has declined considerably due to the COVID-19 pandemic, long-term demand is expected to remain stable led by rising energy needs of the world. The rapid depletion of existing fossil fuel resources, and the need to increase production from existing wells is leading to the rising demand for enhanced oil recovery techniques. With oil reserves depleting rapidly and existing reserves maturing, there is growing need for technologies that can extract oil from challenging geologies.

Given the fact that the age of ‘easy oil’ has come to an end, and the industry is moving towards producing in tough sources such as highly tight oil fields, ultra-deep offshore fields, extra heavy oils reservoirs, and naturally fractured reservoirs, the challenge of recovery has increased. Emphasis is also on extracting crude oil from existing oil fields that can no longer produce oil using conventional techniques.

All of these factors coupled with the need to improve overall efficiency of extraction operations are fueling growth in the EOR chemicals market. Besides the rising production of crude…