Enhanced Oil Recovery - 0 views
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Bharatbookbureau MarketReport on 03 Jul 12Enhanced oil recovery (EOR), also referred to as improved oil recovery or tertiary oil recovery, is most often achieved by injecting a liquid or gas into an oil reservoir, thereby lowering oil viscosity and increasing the amount of oil available for production. Some of the more common EOR methods include gas EOR (mostly CO-2 EOR), thermal EOR and chemical EOR. Microbial EOR and seismic EOR also hold small, but strong niches in the EOR market. While only about 10% - 30% of oil is typically extracted from a well by conventional oil production processes, EOR methods can enhance these recovery rates by an additional 5% to 20% (on a conservative average). The global market for EOR, estimated at more than $126.02 billion in 2011, has shown exciting growth since 2007, when the market totaled $54.96 billion. Technological challenges, hazy regulations, and high implementation costs have often been inhibitory to EOR projects, although this is quickly changing. Government interest and generous investments are helping to spur new developments in technology and also to increase the availability of necessary materials (such as CO-2). SBI Energy expects the EOR industry will continue to flourish in light of these types of developments and that many individuals involved in the EOR business will enjoy exponential growth in the near future. A large number of oil fields around the globe are maturing and are producing less oil - those affected are looking to EOR to increase, or at least maintain, their oil production levels. Many countries rely heavily on oil production for their financial health, and are becoming increasingly willing to invest in EOR, especially as the group of successful EOR projects grows and as the high price of oil continues to support research and development schemes. Around the world, the EOR market is growing and metamorphosing to fit the various regions in which it resides. EOR market growth depends largely on regional factors, such as the health of th
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