This Gcc Enhanced Oil Recovery market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Gcc Enhanced Oil Recovery market.
The term ‘enhanced oil recovery’ (EOR) refers to the technology used to extract crude oil that cannot be extracted through conventional technologies from oil reservoirs. It is also termed as tertiary recovery process as it takes place after primary and secondary oil recoveries. Oil extracted via primary recovery accounts for 5% to 15% of the total reservoir while secondary recovery can extract about 20% to 60% of the total oil present in the reservoir. By installing enhanced oil recovery technology, 35% to 75% oil can easily be extracted from the oil reservoir.
Enhanced oil recovery method is widely being adopted by the oil & gas market participants for their aged and newly explored wells. In addition, new technologies are being developed to improve the efficiency of the enhanced oil recovery technique. GCC is one of the mature oil extractors and has quite a good number of aged oil wells. To extract the proved reserves, oil extraction companies are pushing the use of enhanced oil recovery in existing oil wells. Besides, a number of new methods are being developed in the market such as chemical enhanced oil recovery to reduce the cost of oil recovery.
Market Growth Analysis
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
GCC is expected to show the highest growth rate in the global enhanced oil recovery market. This is mainly attributed to the growing number of oil reserves which exist in the Middle East. More than 8 Bn barrels of oil are expected to remain performing primary and secondary operations on Gulf of Mexico offshore reservoirs. Such factors are pushing the demand for new enhanced oil recovery installation in GCC. Due to such factors coupled with Go Green strategies, GCC is developing a number of enhanced oil recovery techniques that are renewable or bio-based, such as the development of solar-powered thermal enhanced oil recovery
Many Gulf countries are witnessing gas supply shortage; however, they have high subsidies for fuel which alter the retail price of gas. Thus, market participants such as GlassPoint developed solar steam generators for the oil & gas industry to be used in enhanced oil recovery. One of the key strategies of the GCC enhanced oil recovery market is to develop patented technologies. For instance, Gulf Energy LLC has developed microbial enhanced oil recovery system considering water scarcity in GCC. Further, companies are also involved in the strategy of expansion through exploration of new fields. With the emergence of the GCC EOR market, it is expected that affiliated markets such as technology services, maintenance services and consulting services will also grow. Market participants are also expanding their business in the service model.
BP Plc, Cenovus Energy Inc, Anadarko Petroleum Corporation, Chevron Corporation, ConocoPhillips, OAO Lukoil, ExxonMobil Corporation, Petronas, Statoil ASA and Royal Dutch Shell Plc are some of the key market participants of GCC enhanced oil recovery market.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors, along with market attractiveness within the segments. The report also maps the qualitative impact of various market factors on market segments and various geographies.
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The report covers exhaustive analysis on:
- Market Segments
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- Value Chain
Regional analysis includes:
- Saudi Arabia
- United Arab Emirates
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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What research methodology is used to develop the Gcc Enhanced Oil Recovery Market report?
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- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Gcc Enhanced Oil Recovery Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
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How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.