The enhanced oil recovery (EOR) market could grow at 16.9% annually to 2019.
That’s according to the Global EOR Market 2015-2019 report which stated the main factor of EOR growth is the increase of oil consumption coupled with the reduction of production.
EOR techniques are playing a key role in meeting the rising oil demand, it stated.
It could also help reducing carbon emissions during production as it has “one of the most attractive” methods for carbon sequestration. This is a process in which carbon emissions captured from various sources are pumped into deep subsurface rock formations for long-term storage.
The report stated: “EOR plays a significant role in improving oil production, especially in case of mature oilfields. The primary recovery methods can produce around 10% of the reservoir’s initial oil-in-place while the secondary methods have an oil recovery factor of 20-50%.
“EOR can extract 30-60% of the oil-in-place.”