The enhanced oil recovery (EOR) technology is highly applicable for extracting crude oil from oil reservoirs, especially those that cannot be extracted using traditional techniques. EOR techniques can be applied in fields that exhibit heavy oil, irregular fault lines, and poor permeability. EOR technology can be categorized into thermal, chemical, miscible, and others. These techniques can be widely utilized for onshore as well as offshore applications.
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Carbon Dioxide-based Injection Method
Miscible gas injection EOR technique comprises injecting carbon dioxide (CO2), nitrogen (N2), or natural gas into the oil reservoir. These gases allow expansion in a reservoir to push additional oil to a production wellbore and improve flow rate of oil. CO2 is considered to be one of the most attractive displacing agents for EOR operations. Miscible gas injection technique offers additional benefit for commercial-scale usage of CO2 produced by several industries and power plants. Previously, naturally-occurring CO2 was used for EOR operations. However, new technologies have been developed for producing CO2 for locations where natural CO2 is not available. So, CO2 obtained as a biproduct from various industrial applications including gas processing, ethanol, and hydrogen plants can be also utilized in EOR processes.
For instance, recently, Nissan Chemical America Corporation (NCA) and Linde North America, Inc. together developed a new EOR technique for recovery of hydrocarbons. These companies partnered for the development of nanoActiv HRT (Hydrocarbon Recovery Technology), which can be combined with nitrogen or carbon dioxide for healthier downhole performance.
Market Overview
According to a report available on Radiant Insights, Inc., various factors such as weakening oil reserves, growing rate of mature oil reserves, and mounting demand for crude oil can drive the enhanced oil recovery (EOR) market during the forecast period (2017 to 2022). Additionally, growth of unconventional sources of hydrocarbons is a major driving factor for the market. On the flip side, fluctuating prices of crude oil and contamination of environment during EOR operations may hamper market growth over the forecast period.
The United States represents a large market due to the existence of mature oil well reserves and multiple shale exploration activities in several states and regions.
Some of the prominent players working in the market are Baker Hughes Inc.; Schlumberger Limited; BP p.l.c; Statoil ASA; and Saudi Aramco.
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