Wellesley, Mass., June 22, 2017 (GLOBE NEWSWIRE) —
In its recent report, BCC Research reveals that as aging oil fields grow more depleted, enhanced oil recovery (EOR) remains a significant toolset in the portfolio of available extraction technologies. Although overshadowed by unconventional extraction techniques such as horizontal drilling and hydrofracture, EOR technologies in most areas globally continue to grow, and some specific technologies are flourishing, according to Enhanced Oil Recovery: Technologies and Global Markets.
Falling oil prices in 2014 brought a major decline in EOR technologies, but the industry is rebounding, the BCC Research report explains. The emergence of unconventional oil production processes has lowered oil prices, yielding reinstatement of tax exemptions and other incentives that favor EOR deployment. Another key driver is the advancement of carbon based-EOR, which attracts countries concerned with their GHG emissions. The industry’s growth during the next five years is expected to reach 5.9% to $30.4 billion by 2021.
- Should oil prices return to higher levels, offshore deployment of EOR technologies requiring substantial additional infrastructure (such as CO2-EOR) will remain challenging due to high cost.
- The North American market, the largest and fastest growing EOR market, should reach $13.2 billion in 2021 with 6.7% CAGR.
- The availability of CO2 gas and sufficient capture/sourcing and transport infrastructure will affect the deployment of carbon dioxide flood technologies.
“As new sources of CO2 become available from anthropogenic sources due to advances in carbon capture technology, these new sources will continue to benefit new CO2-EOR strongly,” says Kevin Fitzgerald, BCC Research editorial director. “Although unconventional technology will continue to influence global oil price and EOR markets heavily, there remains strong potential for EOR and unconventional oil to function and grow side-by-side.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
CONTACT: Editors and reporters who wish to speak with the analyst should contact Steven Cumming at [email protected]