The global enhanced oil recovery (EOR) market size is estimated to reach USD 55.02 billion by 2025, fueled by the increasing demand for energy in a broad range of applications including manufacturing, infrastructure and utilities. Rising number of aged wells resulting in low oil output has paved the way for advanced technologies including EOR to achieve optimum production.
Keeping these driving factors in mind, companies are focusing on developing advanced technologies to extract more oil from existing wells rather than erecting new wells. For instance, in June 2014, Statoil ASA opened its new research & development center for improved oil recovery at Rotvoll in Trondheim, mid-Norway.
BP, a producer of energy and EOR, launched the concept of “Bright Water”, which is a thermally activated microscopic particle that increases oil recovery by directing water into potentially untapped oil-rich areas. Since its inception, the technology has undergone several modifications to make it suitable for every type of terrain and age of the well.
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Hexa Research has segmented the global EOR market on the basis of technology, application and region:
Segmentation by Technology, 2014 - 2025 (Million Bbl) (USD Million)
• Gas injection
Segmentation by Application, 2014 - 2025 (Million Bbl) (USD Million)
Segmentation by Region, 2014 - 2025 (Million Bbl) (USD Million)
• North America
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