NEW YORK, NY--(Marketwire - Jul 10, 2012) - A market experiencing tremendous growth within the oil industry, Enhanced Oil Recovery (EOR) technology is valued globally at more than $126.02 billion as of 2011. According to a recent report by Industrial and energy market research publisher SBI Energy, the market is being led by the Gas/CO2 method, which represents roughly 43% of the market share and is expected to grow exponentially through 2021.
Enhanced oil recovery (EOR), also referred to as improved oil recovery or tertiary oil recovery, is proven to improve oil recovery rates by 5%-20% above what is typically extracted by conventional oil production processes. According to the report, a large number of oil fields around the globe are maturing and thus producing less oil, spurring countries to look to EOR to increase oil production levels.
"The market has more than doubled since 2007, when it totaled $54.96 billion," says Shelley Carr, publisher of SBI Energy. "Technological challenges, hazy regulations, and high implementation costs inhibitory to EOR projects in the past are quickly fading."
The report finds gas/CO2 is the leading EOR method -- in comparison to thermal, chemical and other, a category that includes microbial and seismic EOR -- and is expected to grow revenues over 14 times in the next ten years as new technologies are implemented in existing oil wells. Currently, nearly 700 million barrels of oil are produced using the gas/CO2 method and this volume is projected to grow over 10 times by 2021.
"There is a rapid increase in the number of CO2 pipelines across the United States, Canada and other countries," adds Carr. "Gas/CO2 is so feasible because companies with carbon capture and storage technologies can market their captured CO2 to the oil industry, which reduces green house gases and offers possible tax breaks or government grants."
The report, Enhanced Oil Recovery, 2nd Edition, contains comprehensive historical data (2007-2011) and forecast data (2012-2021) for the global enhanced oil recovery (EOR) market. Data in terms of value (dollars) and volume (barrels) are provided for various methods of EOR, including thermal, gas and chemical EOR, as well as the oil industry as a whole. Expert analysis for key trends and factors, such as the regulatory scene, new technologies, economic drivers and environmental challenges is provided, along with profiles of fifteen major companies involved in this market.
About SBI Energy
SBI Energy, a division of MarketResearch.com, publishes research reports in the industrial, energy, building/construction, and automotive/transportation markets. SBI Energy also offers a full range of custom research services. To learn more, visit www.sbireports.com.