Fast Market Research recommends "Global Enhanced Oil Recovery (EOR) Market 2015-2019" from TechNavio, now available

[USPRwire, Wed Sep 09 2015] Enhanced oil recovery (EOR) is also known as tertiary recovery. It uses various technologies to enhance the production of oil after the recovery from primary and secondary recovery methods and to improve the hydrocarbon mobility within a reservoir and restore the formation pressure. EOR plays a significant role in improving oil production, especially in case of mature oilfields. The primary recovery methods can produce around 10% of the reservoir's initial oil-in-place while the secondary methods have an oil recovery factor of 20-50%. EOR can extract 30-60% of the oil-in-place.

Technavio's analysts forecast the global EOR market to grow at a CAGR of 16.93% during 2014-2019.

Commenting on the report, an analyst from Technavio's team said: "CO2 is a GHG that causes large-scale environment degradation. Carbon sequestration is a process in which CO2 captured from various sources is pumped into deep subsurface rock formations for long-term storage. EOR is one of the most attractive methods for carbon sequestration as the geographical characteristics and behavior of reservoirs are well understood by oil and gas producing and service companies. In addition, the cost of CO2 injection is compensated by the sale of additional recovered oil."

According to the report, global consumption of oil and gas is continuously increasing because of the rise in population and per capita income. Increasing oil consumption coupled with diminishing production from mature fields are some of the major driving factors in the global EOR market. This technique is playing a key role in meeting the rising oil demand.

Further, the report states that the high capital costs associated with deployment of EOR projects is a big challenge that is expected to negatively impact the market, especially when oil prices are decreasing.

The key players in the Global Enhanced Oil Recovery Market are ExxonMobil, Royal Dutch Shell, Chevron, BP and Total while other prominent vendors include Canadian Natural Resources, Cenovus Energy, China National Petroleum, ConocoPhillips, Denbury Resources, Kinder Morgan, Lukoil, Nexen, Occidental Petroleum, Petroleos de Venezuela, Petroleos Mexicanos, Petrobras, Petroleum Development Oman and Suncor Energy

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit -

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