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Strategic Analysis of North American Enhanced Oil Recovery Market : Depleting Fields and Technological Innovation Propel the Market

  • February 2015
  • 84 pages
  • Frost & Sullivan
Report ID: 2672050

Summary

Table of Contents

Key Findings

•After primary and secondary methods are employed, x % of oil reserves still exists, which can be extracted by enhanced oil recovery (EOR) method.
•There are x main methods of enhanced oil recovery: Gas injection, thermal recovery, and physiochemical methods.
•During the base year, thermal recovery contributed x %, gas injection contributed x %, and chemical injection contributed x % in terms of volume in North America.
•Enhanced oil recovery services was valued at $ x billion in 2013, and it is expected to witness a CAGR of x % and reach $ x billion by 2020.
•The primary drivers for this market include oil price, depleting oil wells, focus on ultimate recovery, and research and development (R&D) spend on new technologies.
•Some of the restraints include maturity in current new technologies, global economic concerns, increasing legislations, infrastructure development, and availability of suitable injection fluid.
•North America has x billion barrels of remaining oil in place (ROIP) in place after primary and secondary, of which x billion are technically recoverable.
•Canada is expected to be a promising market by 2020, primarily due to its oil sands, bitumen, and depleting conventional well.
•Gas injection EOR market is expected to reach $ x billion by 2020, witnessing a CAGR of x %.
•This growth is primarily because of the large-scale development in carbon dioxide (CO2) capture, storage, and sequestration and pipeline development to transport it.
•Thermal recovery method is expected to reach $ x billion by 2020 at CAGR of x %, primarily because of the development in oil sands and bitumen mining in Canada and future application of high pressure air injection (HPAI) to light reservoirs.
•Chemical injection EOR is expected to reach $ x billion by 2020, witnessing a CAGR of x %.
•Chemical injection fluids properties and economic feasibility have deterred application of this method to most of the oil wells in North America. However, the new development in polymer chemistry is expected to fuel growth in this market.
•EOR methods are economically viable at a crude oil price of $ x per barrel (bbl) or above. The main components for cost model are injection fluid costs, OPEX, and CAPEX.
•In case of carbon dioxide EOR method, x % of the total cost goes into injection fluids, x % in other OPEX, and x % in CAPEX.
•In case of steam/hot water EOR method, x % of the total cost goes into injection fluids, x % in other OPEX, and x % in CAPEX.
•In case of surfactant/polymer EOR method, x % of the total cost goes into injection fluids, x % in other OPEX, and x % in CAPEX.
•In case of in-situ combustion EOR method, x % of the total cost goes into injection fluids, x % in other OPEX, and x % in CAPEX.
•In case of other gases EOR method, x % of the total cost goes into injection fluids, x % in other OPEX, and x % in CAPEX.

CEO’s Perspective

North America will continue to be the strongest market in EOR services as conventional wells continue to deplete after primary and secondary recovery.
Carbon dioxide injection method will be the biggest contributor in North America due to its abundant availability and focus on carbon capture, storage, and sequestration.
Thermal EOR will continue to be more prominent in Canada because of oil sands and mining of bitumen, whereas in the US, its share would decrease.
Non-availability of suitable injection fluid, with respect to reservoir properties, has led to decrease in chemical EOR projects since 1986.
Development in new technology and robust economic model, coupled with intelligent well monitoring, will be the future of EOR market in North America.

Definitions

•EOR is a tertiary method of extracting immobile oil from those wells which are depleted or nearing depletion. It is also applicable at a early stage of production.
•There are 3 main types of EOR methods:
oThermal recovery
oGas injection
oChemical injection
•Before tertiary method is applied, there are 2 stages of extraction—primary and secondary. These are not covered in this research service.
•EOR and improved oil recovery (IOR) are 2 different methods of oil extraction, and they should not be confused with each other.
•The research discusses the past performance, evolving trends, future opportunities, economic model, and technological development of EOR methods.
•The study takes into account onshore fields operating in the US and Canada.
•The study only considers application of EOR to conventional oil fields as EOR from unconventional resources are at a very nascent stage.
•The study is based on the EOR services provided by various oilfield service companies. The main components are injection fluid OPEX, other OPEX, and CAPEX.
•Market size was determined by multiplying barrels of crude oil produced and cost of EOR methods. For example, market size of EOR in 2012 = (crude oil produced using gas injection * cost of gas injection method + crude oil produced using thermal injection * cost of Thermal recovery method + crude oil produced using chemical injection * cost of chemical injection.
•Monetary unit used throughout this study is the United States Dollar ($), unless specified otherwise.
•Revenue is defined as the total earning of a services company, which is also equivalent to the contract value of the services provided by the company.

Key Questions This Study Will Answer

What is the EOR service market? Is the market growing? How long will it continue to grow, and at what rate?
Why is enhanced oil recovery method required? How will it contribute to the future of crude oil production in North America?
What is the value chain involved in EOR service market? How is the service delivered to the client?
At what price of crude oil will these type of EOR methods be feasible, and how does the economic model vary with respect to various EOR methods?
What is the selection methodology for different EOR methods? What are the reservoir properties suitable for different types of EOR methods?

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