Global CO2 enhanced oil recovery market size will witness significant growth over the forecast period owing to rising global crude oil demand. Increasing urbanization coupled with an exponential increase in automobile demand may further complement the industry outlook. According to the International Energy Agency (IEA), the carbon dioxide enhanced oil recovery in the U.S. is projected to reach 650,000 barrels per day by 2040.
Growing investments to increase the production from depleting oil reserves will influence the global CO2 enhanced oil recovery market size during the forecast timeframe. In 2015, 60% production from the Permian basin oil field in the U.S. came from carbon dioxide flooding. Stringent standards and norms to curb carbon dioxide emissions will further augment the global CO2 enhanced oil recovery market share from 2016 to 2024. In 2015, the U.S. Environmental Protection Agency (EPA) released a Carbon Pollution Standard under the Clean Air Act to check carbon dioxide emissions across the country.
Based on injected gases, the global CO2 enhanced oil recovery market is segmented into LPG injection, nitrogen injection, and carbon dioxide injection. The carbon dioxide injection has the maximum adaptability in different reservoirs owing to its oil miscibility, cost-effectiveness, and availability of gas at different locations. LPG injection is anticipated to witness a moderate growth due to high costs associated with it. Nitrogen injection is anticipated towards low growth over the forecast period owing to its different behavior with varying miscibility pressure and reservoir depth.
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In terms of technology, the global CO2 enhanced oil recovery market is segmented into conventional Water Alternating Gas (WAG) injection, continuous carbon di oxide flooding, and gravity drainage methods. The continuous carbon dioxide flooding is expected to witness a significant growth over the forecast period owing to its ability to lift different oils and easy adaptations in onshore and offshore environments. The WAG injection is likely to observe a moderate growth due to its inability to lift heavy oil.
The U.S. CO2 enhanced oil recovery market is subject to grow at a significant rate due to the depleting old oil reserves, simultaneous increase in oil demand, and availability of low-cost carbon dioxide from industrial emissions. Carbon dioxide injection accounts for nearly 6% of the U.S. onshore oil production, which is 350,000 barrels per day. EIA projects this technique to be the fastest growing across the country at around 4% per year.
China CO2 enhanced oil recovery market will witness strong growth due to large untapped potential in the region. Some of the country’s largest onshore and offshore oil reserves have matured, making companies adopt carbon dioxide injection techniques to maintain the oil flows. Offshore basins in the South China Sea and Bohai Bay region in the Yellow Sea have mature fields prompting to adopt the recovery method to boost its daily production.
UK CO2 enhanced oil recovery market is anticipated to witness a moderate growth from 2016 to 2024. The country’s continental shelf and major North Sea oil fields are in the final stage of depletion and drillers are targeting to recover up to 5.7 billion barrels more oil from the reserves, driving investments across the region.
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Saudi Arabia CO2 enhanced oil recovery market is expected to grow substantially by 2024. In 2015, the Saudi Arabian Ghawar field experienced the country’s first carbon dioxide enhanced oil recovery project, which had the projected oil recovery of about 7% – 9%.
Major players of CO2 enhanced oil recovery market include Whiting Petroleum Corporation, Kinder Morgan, Denbury Resources, NRG Energy, Occidental Petroleum Corporation, Cenovus Energy, Inc., Husky Energy, Anadarko Petroleum Corporation, Linc Energy, Elk Petroleum, and Saudi Aramco. Mergers and acquisition act as prime strategy followed by the key players across the region. Global operators tend to focus on increasing their pipeline network across the operating locations by initiating joint venture agreements with local CO2 & NGL players.
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