June 21, 2012 10:51 ET

Enhanced Oil Recovery Market to Reach $1.3 Trillion by 2015

NEW YORK, NY--(Marketwire - Jun 21, 2012) - Dependency on oil has spurred worldwide government interest in enhanced oil recovery (EOR) to increase oil production. According to a recent report from energy research publisher SBI, the market for worldwide EOR production will reach $1.3 trillion by 2015.

The report, "SBI Bulletin: EOR Around the World" includes coverage of EOR activity in Iran, Canada, Saudi Arabia, Russia, United States, Angola, UAE, Venezuela, Kuwait and many other countries.

EOR, also referred to as improved oil recovery or tertiary oil recovery, is most often achieved by injecting a liquid or gas into an oil reservoir, thereby lowering oil viscosity and increasing the amount of oil available for production. According to the report, some of the more common EOR methods include CO2-EOR, thermal EOR and chemical EOR; other methods, such as microbial EOR and seismic EOR also hold a strong niche in the EOR market.

"Conventional oil production processes extract only 10-30% of available oil. EOR methods can enhance these recovery rates by an additional 5% to 20% on average," said Shelley Carr, Publisher of SBI.

It is expected that EOR will continue to perform extremely well in the world marketplace; technological challenges, hazy regulations, and costly implementation have in the past often kept oil companies from using EOR. However, the report finds EOR is quickly becoming more feasible due to rising government interest and investment, new technologies, and increased availability of required materials such as CO2.

"The market will continue to grow as more countries begin to see EOR results and as it becomes more feasible and common to oil producers," said Carr.

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