Enhanced Oil Recovery Market Size, Share, Growth Analysis, By Technology(Thermal, CO2 Injection, Chemical and others), By Application(Onshore And Offshore), By Region - Industry Forecast 2024-2031

Global Enhanced Oil Recovery Market size was valued at USD 41.86 billion in 2022 and is poised to grow from USD 45.13 billion in 2023 to USD 82.29 billion by 2031, at a CAGR of 7.80% during the forecast period (2024-2031).

Enhanced oil recovery is a sophisticated method of extracting oil from a reservoir. Three main processes make up oil recovery: primary recovery, secondary recovery, and tertiary recovery. Tertiary recovery, commonly referred to as oil recovery, is used when none of these two techniques can recover the oil. A particular site's oil output may rise by 75% using the enhanced oil recovery method, which is seen to be a very effective technique.

Enhanced oil recovery modifies the chemical makeup of hydrocarbons to extract oil from the surface whereas main and secondary techniques include artificial lift devices, gas injection, and water injection. Gas injection, microbiological injection, and thermal injection are a few methods utilized in enhanced oil recovery.

When compared to conventional oil extraction techniques, enhanced oil recovery (EOR) technology increases oil production from mature and old oil fields by almost 10 to 20%. Mature wells are those oil reservoirs whose production has peaked and begun to drop because of their low permeability or the presence of heavy oil. According to technical terms, EOR enhances the reservoir's permeability so that hydrocarbons may readily flow down the routes and into the targeted producing well.

The depletion of conventional light oil and gas assets presents a chance for the extensive commercial exploration of heavy oil deposits. The countries of Canada, Venezuela, Mexico, China, and Colombia all have sizable heavy oil deposits. Canada and Venezuela are important producers of heavy oil on a worldwide scale. As a result, the market for improved oil recovery benefits from production operations that increase oil output.

US Enhanced Oil Recovery Market is poised to grow at a sustainable CAGR for the next forecast year.