Dallas, Texas (PRWEB) August 24, 2013
Continually rising global demand for petroleum combined with various supply and political factors resulted in the rapid escalation of its price starting in 2001. (The term “oil” is hereafter used nearly exclusively within this study when referring to petroleum.) These shifts have placed significant pressure upon the global oil industry to increase production. Faced with the challenge of increasing supply, the global oil industry relies upon the discovery of new oil reserves, production from developing, drilled reserves and the discovery and implementation of technological advances that enable more extensive oil recovery. Along with advanced extraction technologies such as hydrofracture, EOR technologies are becoming increasingly significant to global oil supply by increasing or reviving oil production at reserves or oilfields depleted of more easily recoverable oil. In other instances, EOR technologies have allowed the global oil industry to produce oil from alternative reserves—such as oil sands or oil shale—through field operations previously thought to be technologically infeasible or economically unviable. EOR technologies are widely considered vital to maintaining the role of oil as a continued, reliable source of energy in the global economy.
This report provides findings for updates from a previous completed study from 2010. The goal in conducting this update was to reassess and describe the current status and potential growth of the worldwide enhanced oil recovery (EOR) industry and the market for associated EOR technologies. More specifically, the updated study includes the following objectives: (1) summarize existing EOR technologies and promising emerging technologies that are under development; (2) evaluate the existing EOR industry (http://www.reportsnreports.com/reports/70994-enhanced-oil-recovery-technologies-and-global-markets.html), focusing on the manufacturers and providers of major components for viable EOR technologies; and (3) assess market potential for EOR technologies over a five-year period from 2013 through 2018. An overview of the global market for enhanced oil recovery (EOR) technologies that are implemented to recover crude oil from reservoirs after primary and secondary recovery methods have ceased to be productive enough to continue normal field operation economically. Identification of the various EOR products and components, such as injection pumps, wellheads, specialized well tubing, chemical feeder systems, air separation units, gas compressors, blowers, steam generators, specialized storage vessels, and various other equipment and facilities; other important products include oil recovery media such as surfactants, polymers, alkali chemicals, liquid nitrogen, and CO2..
EOR technologies are also promoted by the global oil industry and publicly as a means to address energy policy concerns held by various nations and political organizations. Some EOR technologies first found widespread commercial application during the energy crises of the 1970s, when regional and worldwide oil supplies were severely disrupted due to their reliance upon oil imports. Concerns over regional and national energy security and energy independence persist in many nations and global markets due to perceived geopolitical threats to the continued supply of imported oil. Capable of bolstering oil production from reserves unrecoverable through conventional methods, EOR technologies can contribute to efforts to reduce a country’s dependence on oil imports and thereby achieve greater energy independence and security.
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Climate change and control of greenhouse gas (GHG) emissions—particularly carbon dioxide (CO2) —also represent key issues of contemporary global and national energy policy that can be addressed through the application or increased utilization of EOR technologies. Increasingly global efforts to minimize or offset GHG emissions present an opportunity for the global oil industry to boost oil production at select fields by injecting waste CO2 into underground oil reservoirs. When properly managed, CO2 captured from industrial, petrochemical or power generation sources can be sequestered deep underground, preventing its release to the atmosphere. Such efforts represent a convergence of industry efforts to increase oil production from existing assets while partially offsetting the effects of fossil fuels on global climate change.
Current market conditions and recent advances in EOR technologies, including industry understanding regarding the effective application of EOR, are principally responsible for continued growth in enhanced oil recovery. Additional costs associated with the services and infrastructure required for EOR technologies may limit their application; however, currently high oil prices globally have reduced the significance of added costs and greatly increased the economic viability of EOR technologies. Further growth in the market for EOR technologies is anticipated due to their technological maturity, strong representation from a variety of service providers and product suppliers in the global oil industry, extensive industry experience in the application of EOR technologies and the technologies’ proven efficacy in increasing oil production at oil fields worldwide.
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