Oil Recovery Chemicals
Oil Recovery Chemicals Market to Quadruple
“At present, major oil producers have tried to locate and explore such trapped underground resources through advanced exploration methods and intensive use of EOR chemicals,” remarked Jarosik. “In this context, tertiary crude oil recovery by chemicals injection offers significant opportunities to EOR chemicals manufacturers.”
Escalating energy needs are driving advances in EOR technology, as oil producers seek to optimally extract crude oil. At the same time, sustained high oil prices are making the use of EOR chemicals economically viable.
Oil Industry Teams Up With Chemicals Suppliers
However, EOR projects are among the most complex and difficult undertakings in the upstream oil industry. Many EOR chemical solutions and their enhanced oil recovery applications are still in the pilot stage. Such factors are expected to restrain market growth.
“Close and active partnerships with key oil producers as well as EOR technology providers will generate growth potential for the EOR chemicals market,” concluded Jarosik. “EOR chemical manufacturers should focus on achieving improved extraction efficiency, cost reduction, better regulatory compliance, and multi-application capabilities.”