The Growth of Global Enhanced Oil Recovery Market

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The Growth of Global Enhanced Oil Recovery Market
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Let us first understand what is enhanced oil
recovery

• The enhanced oil recovery is also known as
  tertiary oil recovery which is a technique to
  extract crude oil from oil reservoirs. It is an
  oil recovery technique used to extract oil when
  the primary and secondary recovery techniques are
  not sufficient or profitable and become
  unproductive.
• Enhanced oil recovery is used to increase the
  mobility of oil in order to make extraction easy
  and fast. There are various enhanced oil recovery
  team used in the market but the Thermal Enhanced
  oil recovery technology is the most widely used
  to extract oil from the matured oil wells. The
  other methods used except thermal technology are
  chemical recovery, gas injection, etc. The usage
  of these methods is rising in number for being
  beneficial, cost-effective, and for providing
  advanced technologies to make the whole process
  less laborious.
• Tertiary oil recovery is the method where the
  immobilized oil is mobilized chemically,
  thermally, or physically. It helps in reducing
  the viscosity of the oil via different methods to
  extract oil at a better rate than primary and
  secondary recovery. Tertiary recovery is used for
  the production of liquid hydrocarbons by using
  various techniques such as reservoir
  re-pressurizing techniques or artificial
  airlifts, which will augment the market growth
  during the forecast period.

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The Global Enhanced Oil Recovery Market

• As the production of oil from existing fields
  have been witnessing a reduced number along with
  the growing number of mature well, there has been
  an acceleration in the enhanced oil recovery
  market.
• According to oil and gas market research company
  report The global Enhanced Oil Recovery (EOR)
  market size was valued at USD 55.80 billion in
  2018 and is expected to expand at a CAGR of 6.8
  over the forecast period.
• The factors that lead to the global enhanced oil
  recovery market growth are the increasing number
  of aged wells with an increasing demand for oil.
  Developing and adopting technology has been the
  primary factor which makes the extraction a bit
  easy and in plenty amount than the old and basic
  methods do. For example, British Petroleum has
  developed the LoSal low-salinity water flooding
  technology which makes the method of releasing
  the oil stuck in the clay a mere method.
• The usage of the enhanced oil recovery technique
  is not just helpful in oil extraction but it also
  modifies oil properties, rock properties, and
  also provides flow patterns in reservoirs. Such
  ways of adopting technology are a huge aid in the
  oil recovery market to increase the capital
  investment that offers a better future and
  advanced technologies in the future.

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Concluding with the trends of the Global Enhanced
Oil Recovery market

• With enhanced technology developing and used in
  the market so fervently, the enhanced oil
  recovery companies are slowly getting in to
  improve the infrastructure and technologies to
  extract oil from oil mines. The adoption of
  technology is making the demand for the oil a
  directly proportional effect. According to Oil
  and gas industry Experts many companies are
  extracting crude oil from offshore sources as an
  impact of the increasing demand and market
  growth.

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