Growing public interest towards sustainable and environment-friendly products is expected to drive the Europe Enhanced Oil Recovery Market growth in the forecast period, 2024-2028.
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According to the TechSci Research report titled “Europe Enhanced Oil Recovery Market – By Country, Competition, Forecast and Opportunities, 2018-2028″, the market for enhanced oil recovery (EOR) in Europe is expected to witness robust growth during the forecast period from 2024 to 2028.
The surge in global oil demand is driving the increasing demand for EOR. Additionally, governments worldwide are undertaking projects to employ advanced oil extraction techniques to maximize returns from existing oil and gas resources.
Europe Enhanced Oil Recovery Market has valued at USD 16.76 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 6.05% through 2028.
The growth of this market is primarily driven by the expanding number of fields where oil has already been extracted using primary and secondary methods. As the demand for oil and gas continues to rise, there is an increasing need for enhanced oil recovery.
Furthermore, the Europe Enhanced Oil Recovery Market is influenced by the prominent presence of key market contributors.
The European Union is actively promoting carbon capture and storage (CCS) as a means to mitigate carbon emissions. EOR can be integrated with CCS to sequester CO2 emissions from industrial processes or power generation, thus reducing the carbon footprint of EOR operations. This presents an opportunity for EOR projects to access funding and incentives aimed at addressing climate change.
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In terms of technology, the Thermal Injection segment has emerged as the dominant market leader. The consistent growth in this segment is attributed to the presence of heavy oil reservoirs in countries such as Russia, the United Kingdom, and the North Sea region. As conventional oil production declines, the demand for thermal EOR methods is expected to increase, further expanding the market.
Thermal EOR methods are particularly effective in reservoirs with heavy or highly viscous crude oil, as they reduce the oil’s viscosity, facilitating its flow through the reservoir and into production wells. However, it’s important to manage the energy-intensive nature of thermal EOR methods and potential increased greenhouse gas emissions properly. European countries are actively integrating CCS technologies with thermal EOR to promote sustainable thermal EOR practices.
One pivotal technological advancement is the development of advanced reservoir simulation and modeling techniques. These tools enable oil companies to gain a deeper understanding of complex subsurface geology and fluid dynamics, facilitating the design of more efficient EOR processes. Enhanced reservoir characterization techniques, such as 3D seismic imaging and well logging, provide crucial data for optimizing EOR operations.
Moreover, breakthroughs in chemical EOR are making a significant impact. Innovations in surfactants, polymers, and alkali-surfactant-polymer (ASP) formulations have improved the efficiency of EOR methods like polymer flooding and alkali-surfactant flooding.
These chemicals enhance sweep efficiency, reduce interfacial tension, and alter the mobility ratio, thereby enabling the recovery of previously uneconomical oil reservoirs.
Additionally, the integration of digital technologies, such as artificial intelligence and machine learning, is revolutionizing EOR.
AI algorithms can analyze vast datasets to identify optimal well placement, manage reservoir pressure, and even predict equipment failures, thereby enhancing the overall performance and longevity of EOR projects. This fusion of technology and data-driven decision-making has the potential to unlock previously untapped reserves.
Regarding applications, the Offshore segment is anticipated to grow during the forecast period. This growth is primarily driven by the necessity to extract additional hydrocarbons from offshore reservoirs in the late stages of conventional production.
Offshore EOR operations in Europe are subject to stringent environmental regulations and safety standards, emphasizing the need to minimize environmental impact. Companies operating in this segment must comply with regulations related to emissions, discharges, and spill prevention and response.
Major companies in the Europe Enhanced Oil Recovery Market include:
- BP plc,
- Royal Dutch Shell plc
- Equinor ASA,
- TotalEnergies SE,
- OMV AG,
- Repsol S.A.
- Eni S.p.A.
- Wintershall Dea GmbH
- Lundin Energy AB
- Aker BP ASA.
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According to Mr. Karan Chechi, Research Director at TechSci Research, noted, “Russia is expected to dominate the market during the forecast period,” highlighting Russia’s established energy industry with a strong emphasis on research and development, advanced reservoir engineering, and drilling expertise critical for the success of EOR projects.
The report titled “Europe Enhanced Oil Recovery Market By Technology (Gas Injection, Thermal Injection, Chemical Injection, Microbial Injection and Others), By Application (Onshore and Offshore), By Country, By Competition Forecast & Opportunities, 2018-2028” evaluates the future growth potential of the Europe Enhanced Oil Recovery Market, providing statistics and information on market size, structure, and future market growth.
The report aims to deliver cutting-edge market intelligence, aiding decision-makers in making sound investment decisions, and identifying and analyzing emerging trends, essential drivers, challenges, and opportunities in the Europe Enhanced Oil Recovery Market.
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