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Focus on Ultimate Rather Than Immediate Oil Recovery is Crucial for Growth of Enhanced Oil Recovery Market Finds Frost & Sullivan - Carbon dioxide injection will be the key EOR method in North America, finds Frost & Sullivan - Frost.com
Focus on Ultimate Rather Than Immediate Oil Recovery is Crucial for Growth of Enhanced Oil Recovery Market Finds Frost & Sullivan

 

PRZOOM - /newswire/ - Mountain View, CA, United States, 2015/03/03 - Carbon dioxide injection will be the key EOR method in North America, finds Frost & Sullivan - Frost.com.

   
 
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Although enhanced oil recovery (EOR) currently accounts for merely 7.5 percent of total crude oil production in North America, the market is expected to grow rapidly as oil fields deplete and oil extraction becomes more complex. Use of carbon dioxide EOR (CO2-EOR) will be more widespread than chemical or thermal EOR as federal governments focus on carbon capture and sequestration. While chemical EOR has not shown significant growth due to long pay out times and a longer breakeven point, using the right technique of injecting the chemical will help the method gain traction.

New analysis from Frost & Sullivan, Strategic Analysis of North American Enhanced Oil Recovery Market, finds that the market earned revenues of $20.10 billion in 2014 and estimates this to reach $70.60 billion in 2020.

Economic stability plays a significant role in EOR deployment. When the economy is slow, the decreased demand for oil lowers oil prices and curbs the adoption of EOR. EOR is profitable only when oil prices stand at $80 per barrel or above, as the capital and operational costs of the projects are very high.

“Economics also influence the selection of the type of EOR employed,” said Frost & Sullivan Energy and Power Industry Analyst Mahesh Radhakrishnan. “With governments turning their attention to carbon capture and storage, the number of CO2-EOR projects is expected double by 2020. By 2025, 50 percent of the oil produced in the US will be through EOR, of which 50 percent will be through CO2-EOR.”

Despite the increasing number of CO2-EOR projects, overall production growth has been weak as a result of poor infrastructure to supply CO2. Further, technology plays a very significant role in implementing new methods to extract oil from difficult environments such as oil sands or extra-heavy oil. The long time taken to design novel, fully functional technologies is holding back EOR.

“Ultimately, EOR will grow. Focusing on ultimate recovery rather than immediate recovery for short-term profit is necessary to keep depletion rates low and help companies exploit their reserves better,” concluded Radhakrishnan. “Emphasis on long-term strategies will also improve secondary oil recovery through sustainable development in the North American market.”

Strategic Analysis of North American Enhanced Oil Recovery Market is part of the Energy & Power Growth Partnership Service program. Frost & Sullivan’s related studies include: North American Portable Generator Set Market, Global Distribution Automation Market, Nanotechnology in Sustainable Energy - Visionary Outlook, and Global Gas Storage Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

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Strategic Analysis of North American Enhanced Oil Recovery Market / NEBE-14

 
 
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Focus on Ultimate Rather Than Immediate Oil Recovery is Crucial for Growth of Enhanced Oil Recovery Market Finds Frost & Sullivan

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Frost & Sullivan | Oil Recovery Market
Contact: Mireya Espinoza - Frost.com 
210-247-3870 mireya.espinoza[.]frost.com
 
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