SOURCE: SBI

SBI

April 25, 2012 10:51 ET

SBI Energy Forecasts EOR Production Will Climb 1,070% by 2015

NEW YORK, NY--(Marketwire - Apr 25, 2012) - Enhanced oil recovery (EOR) production worldwide is expected to experience an upward trend as more countries begin to see the fruit of their EOR projects and as EOR becomes more feasible and more commonplace to oil producers, according to industrial and energy market research publisher SBI Energy. For the six-year period to 2015 the EOR market is expected to see total growth of 1,070.1% in production, maintaining a steady uphill climb, possibly with some jumps as large projects come together.

"SBI Bulletin - EOR Around the World" spotlights country-by-country EOR activity and projects. The report includes coverage of the major markets in North America and China, which comprised 58% of the EOR market in 2009, as well as emerging markets around the globe that will reduce that share to 33.9% by 2015.

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

"Worldwide government interest in EOR has been fueled by a number of factors, the most obvious being to increase oil production," says Shelley Carr, publisher for SBI Energy. "Besides increasing oil revenue, countries that are able to increase their oil production decrease demand for oil imports." There is also much anticipation regarding the use of CO2-EOR to sequester CO2 permanently in the ground. "It is estimated 130 billion tons of CO2 worldwide could potentially be captured through the use of CO2-EOR," noted Carr.

Some governments are also taking note that EOR has the potential to propel substantial economic growth. In Texas, where EOR now accounts for 20% of its oil production, SBI Energy estimates that the benefits of EOR production will result in additional revenue of $200 billion and will create 1.5 million jobs.

SBI Energy calculates the EOR market will experience an average growth of 67% per year over the 6-year span, totaling $62.4 billion in 2009 and $1.3 trillion in 2015.

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.

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