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Enhanced Oil Recovery: Technologies and Global Markets

  • June 2017
  • 267 pages
  • BCC Research
Report ID: 236239


Table of Contents

• The global enhanced oil recovery (EOR) market totaled nearly $22.9 billion in 2016 and should total $30.4 billion by 2021, with a five-year compound annual growth rate (CAGR) of 5.9% through 2021.
• North America, the largest regional market for EOR technologies, totaled nearly $9.6 billion in 2016 and should total $13.2 billion by 2021, a CAGR of 6.7%.
• The South American EOR market totaled $3.2 billion in 2016 and should total nearly $4.3 billion by 2021, a CAGR of 5.7%.

Chapter 1: Introduction
Recent years have seen increased volatility in oil prices. These price fluctuations have been caused by a variety of factors, including significant production increases as North America’s shale boom brought new production online (1.4 million barrels per day production increase in the U.S. in a single year – more
than any single country has ever increased its output in a single year.) At the same time, many global economies experienced economic volatility in place of steady growth. The result has been a drop in oil prices in comparison to forecasts earlier this decade, and the industry’s “new normal,” which ensued
after oil prices crashed in late 2014. Nonetheless, current and anticipated near to mid-term future economics, industry, and political trends appear to be providing an opportunity for renewed growth. The extent of that growth, in particular for the enhanced oil recovery (EOR) segment, which has been far
outstripped and overshadowed by U.S. shale oil, remains a critical question. Above this backdrop, EOR technologies remain significant to the global oil supply through their ability to increase or revive oil production at reserves or oil fields depleted of more easily recoverable oil. In other instances, EOR technologies have allowed oil production from alternative reserves — such as oil sands or oil shale — through field operations once thought to be technologically infeasible or economically unviable. In many regions, EOR technologies are considered vital to maintaining the role of oil as a continued, reliable source of energy and revenue in regional economies.

EOR technologies have also been upheld by the global oil industry and publicly as means to address energy policy concerns held by various nations and political organizations. Some EOR technologies first found widespread commercial applications during the energy crises of the 1970s when regional and worldwide oil supplies were severely disrupted due to their reliance on oil imports. Concerns over regional and national energy security and energy independence persist in many nations and global markets due to perceived geopolitical threats to the continued supply of imported oil. While overshadowed, at least in North America, by recent shale oil developments, EOR technologies are nonetheless capable of bolstering oil production from reserves unrecoverable through conventional
methods. Thus, EOR technologies remain as essential tools that can help to reduce a country’s or a region’s dependence on oil imports, thereby helping to achieve greater energy independence and security.

Climate change and control of greenhouse gas (GHG) emissions — particularly carbon dioxide (CO2) — also represent key issues for contemporary global and national energy policies that can be addressed through the application or increased utilization of EOR technologies. Global efforts to minimize or offset
GHG emissions presents an opportunity to the global oil industry to boost oil production at select fields by injecting waste CO2 into underground oil reservoirs. When properly managed, CO2 captured from industrial, petrochemical or power generation sources can be sequestered deep underground, preventing its release into the atmosphere. Such efforts represent a convergence of industry efforts to increase oil production from existing assets while partially offsetting the effects of fossil fuels on global climate change. Processes such as carbon capture use and storage (CCUS) have slowed in their development since the 2014 oil price drop but nonetheless remain as potentially useful tools for future EOR development, depending upon trends looking forward. Other opportunities to reduce GHG emissions from oil extraction are also being explored. Solar heat collection systems, for example, reduce the combustion of natural gas for steam generation in steam EOR, thereby reducing the carbon footprint embedded in extracted oil.

Study Goals and Objectives
This report provides an update on findings from a previously completed study from 2013. BCC’s goal in conducting this update was to re-evaluate and describe the current status and potential growth of the global enhanced oil recovery (EOR) industry and the market for associated EOR technologies, in light of current and anticipated future market and oil industry trends. More specifically, the updated study includes the following objectives:

• Summarize existing EOR technologies and promising emerging technologies that are under development.
• Evaluate the existing EOR industry, focusing on the manufacturers and providers of principal components for viable EOR technologies.
• Assess market potential for EOR technologies over a five-year period from 2016 through 2021.

Reasons for Doing This Study
The current market conditions and recent advances in EOR technologies, including industry’s understanding of the effective application of EOR, provide a foundation for continued growth in enhanced oil recovery. Additional costs associated with the services and infrastructure required for EOR technologies may constrain their application. However, further growth in the market for EOR technologies is anticipated due to:
• Their technological maturity.
• Strong representation from a variety of service providers and product suppliers in the global oil industry.
• Extensive industry experience in the application of EOR technologies.
• Their proven efficacy in increasing oil production at oil fields worldwide.
• Need for their use to support continued oil extraction from a growing number of oil fields globally.

Intended Audience
This study reviews EOR technologies, along with relevant market and production information, technological descriptions and issues, applications and market factors, and market potential. It gives an overview of supporting incentives and regulations in the major worldwide markets. This study will be of interest to current and potential manufacturers and suppliers of EOR technologies as well as entrepreneurs and entrepreneurial companies interested in entering or expanding into the EOR technology sector. It will also be of interest to corporate planners and strategists, companies involved in the recovery and production of oil, EOR services providers, EOR rental equipment providers, fossil fuel energy advocacy groups, and other public- and private-sector interest groups and market analysts.

Scope of Report
The scope of this investigation includes all of the major viable EOR technologies that are currently being implemented in the global oil industry. Separate from hydrofracture and tight sands or tight oil extraction are categorized as Improved Oil Recovery (IOR) of which EOR is a subset), EOR was originally developed as a means to extract additional oil from reservoirs after primary and secondary recovery methods ceased to be productive enough to maintain economic field operation. In some cases, the EOR technologies considered in this report may also be applied immediately following initial well drilling. These applications are common for fields where primary and secondary recovery technologies are incapable of producing adequate oil in any phase of an oil field operation.

Installation and operation of EOR technologies can include various products and components such as injection pumps, wellheads, specialized well tubing, chemical feeder systems, air separation units, gas compressors, blowers, steam generators, specialized storage vessels, gas recapture and separation systems, and various other equipment and facilities. Other important products of an EOR technology include oil recovery media such as surfactants, polymers, alkali chemicals, liquid nitrogen and CO2. Although steam and onsite-compressed atmospheric nitrogen are also important oil recovery media, they are not considered EOR technology products within this report as they are supplied at minimal or no direct cost, unlike CO2 or specialized injection chemicals that are supplied to an EOR operation. The market analysis provided in this report presents region-specific and country-specific market valuation data for each of the EOR technologies considered in this study. These include breakdowns for the following categories:

• Steam Flooding.
• In-Situ Combustion.
• Chemical Flooding.
• Hydrocarbon Gas Flooding.
• Nitrogen Gas Flooding.
• Carbon Dioxide Flooding.

Estimated values in each of these categories are based on manufacturers’ total revenues. Projected and forecasted revenue values are in constant US dollars (2017), unadjusted for inflation. Emerging EOR technologies that may become commercially viable within the next five years are summarized but are not included in the market assessment of this report. BCC analyzes each major viable EOR technology, determines its current market status, examines its impact on future markets and presents forecasts of growth over the next five years. BCC analyzes the industry on a worldwide basis in terms of its manufacturing and the deployment of its technologies or products. BCC also examines government roles in support of EOR technologies worldwide, including regulatory support, government requirements and promotional incentives for various EOR technologies as relevant and available. BCC provides a review of the most relevant EOR technologies, discusses recent trends in capacity installation and unit sales and provides industry overviews and market assessments for each EOR technology.

Both primary and secondary research methods were used in preparing this report. BCC surveyed more than 75 companies to obtain the data for this study. Included were manufacturers of EOR technologies, distributors of EOR technologies and businesses involved with the deployment of EOR technologies and
field facilities. BCC also contacted users of these technologies in a variety of locales worldwide. Additionally, BCC compiled data from current financial and trade information, industry associations and government sources.

Market values identified in the study are based on a variety of data sources. These include the most recent industry, government, and academic data regarding the amount of oil in place that could potentially be extracted via EOR, combined with a supplemental evaluation of major EOR projects that have been announced or that are currently being proposed. Therefore, this report combines “top-down” and “bottom-up” approaches to provide a realistic, robust and accurate assessment of this complex market. Background information, including reviews of each EOR technology and its implementation status, was
collected from government and industry sources. Specific citations and references are provided as needed to support this study and website links to government and industry studies, white papers and other relevant information are provided whenever available.

BCC’s research of present and historic market trends was conducted through a combination of internet research, phone interviews, and E-mail interviews, relying on available industry and government data and information gathered through these interactions. Internal company data and annual documentation
of sales relevant to a specific EOR technologies were also reviewed to prepare the market assessments included in this volume. Based on the results of our surveys and research, BCC analyzed the potential applications for each technology, collecting data through 2016 (with estimation of Q4 2016 values where data were not yet available), and forecast sales through 2021. Additionally, when available, the data provided in this report were compared with other industry data to ensure relevance, applicability and accuracy. All market values shown are at manufacturer level of the supply chain. Market projections have been corrected for inflation, and are based on the value of 2016 U.S. dollars.

Geographic Breakdown
In this report, the geographic regions considered for market analysis include, and only include:
North America
• United States
• Mexico
• Canada
South America
• Venezuela
• Brazil
• Trinidad
• Rest of South America
• Germany
• Norway
• Netherlands
• Russia
• Turkey
• Rest of Europe
Middle East
• Egypt
• Oman
• Saudia Arabia
• Rest of Middle East
• China
• India
• Indonesia
• Malaysia
• Rest of Asia-Pacific

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