Enhanced Oil Recovery Market to Reach Value Around USD 140 Billion By 2024

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Mar 13, 2019 (Heraldkeeper via COMTEX) — The Enhanced oil recovery market has gained significant attention in the public policy realm as this technique is known to offer a faster and more likely pathway toward the deployment of carbon capture and storage (CCS) projects. Basically, enhanced oil recovery (EOR) is the implementation of several techniques for increasing the amount of crude oil that can be extracted from an oil field. Reports claim that, by using EOR techniques, around 30% to 60% more of the reservoir’s original oil can be extracted, in comparison with 20% to 40% using primary and secondary oil recovery techniques.

Increasing number of stripper and marginal wells along with the growing demand to produce oil at the minimum cost will drive the enhanced oil recovery market. In 2015, the EIA estimated about 380,000 stripper wells in the U.S. compared to about 90,000 non-strippers. As per the National Stripper Well Association (NSWA), the U.S. had an estimated 771,000 marginal wells in production with about 410,000 oil wells in 2013. Enhanced oil recovery market is set to exceed USD 140 billion by 2024.

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