Chemically enhanced Oil Recovery technique is used to extract oil from subsurface when primary and secondary recovery are not sufficient to extract oil. Primary and Secondary recovery technique only acquire about 10-20% of the original oil. But using tertiary recovery method about 30 to 60 % of the crude oil can be extracted. However chemically enhanced recovery method is not economic and much research has to be done in order to find effective and economic oil recovery method. The less oil acquired from underground, the more the production costs increases. This is called the Stock effect.
If EOR (Enhanced Oil Recovery) technique is used, then more oil can be effectively acquired and in turn the underground oil reservoir would persist for many years. A lot of companies apply chemical enhanced oil recovery technique to acquire crude oil like Dubai Petroleum, Canadian Natural Resources Ltd, Statoil Canada Ltd. etc. Enhanced oil recovery or tertiary recovery is the last method which is applied to extract oil after primary and secondary recovery.
What are Chemical enhanced Oil Recovery?
Chemically enhanced oil recovery technique uses a variety of methods like Thermal injection, Gas injection, and Chemical injection to extract oil from the subsurface. It is the last method which is applied after primary and secondary method and it is used to extract about 30 to 60 % of the original underground crude oil. Enhanced oil recovery techniques are in demand due to the fact that most oil companies once they start drilling underground, they want to obtain as much as oil as possible. Enhanced oil recovery is the final step to acquire crude oil from underground. The enhanced oil recovery technique has been classified under various types like Thermal injection Method, Chemical injection method, gas Injection Method, Microbial Enhanced Oil recovery etc. Some of the techniques under enhanced oil recovery method are not economic and very expensive. Hence much research has to be done in order to find out other economic and effective EOR techniques.
Market Research and Market Trends of Chemical Enhanced Oil Recovery Market:
- According to 2017 union Ministry Budget, there will be merging between companies ONGC and HPCL. The current Union Government wants to create an integrated oil and natural gas company by combining these two companies.
- Gazprom Neft has collaborated with China National Petroleum Corporation to conduct research on Enhanced Oil Recovery Technologies. Gazprom Neft is the third largest producer of oil in Russia and a multinational corporation. The study would be conducted in the Sutorminskoye field in Yamal Nenets Autonomous region in Russia.
- Talos Energy is an oil and Natural Gas company that operates on Gulf Coast and Gulf of Mexico and is based in Texas, US. Recently Talos Energy bought another oil firm called Whistler Energy II, LLC on August 31, 2018 for a $52 million deal.
- Transocean Ltd the largest offshore drilling contractor based in Switzerland is said to obtain Ocean Rig UDW Ltd in both stock and cash for $2.7 million.
Who are the Major Players in Chemical Enhanced Oil Recovery Market?
The companies who are the major players in the Chemical Enhanced Oil Recovery Market are Dubai Petroleum, Canadian Natural Resources Ltd, Cenovus Energy Ltd, ConocoPhillips Canada Resources Corporation, EnCana Corporation, BP Canada Energy Company and the others.
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