Despite industry economics preventing widespread implementation of EOR efforts, the EOR market may be one of the next to emerge in the industry’s recovery from low oil prices. In recent years, even as the price of oil has dipped below $50/bbl, many research institutions and industry analysts have extolled the substantial recoveries EOR offers. For offshore alone there may be as much as 50 Bbbl of oil recoverable by EOR methods.
According to a recent study conducted by BCC Research, the global EOR market is poised to grow by 6% during the next four years. BCC reported that the EOR market in 2016 totaled $22.9 billion, and by 2021 that amount will reach $30.4 billion.
And although many industry-leading operators are putting their EOR efforts on hold until prices recover, companies like Kinder Morgan, Occidental Petroleum, EOG Resources and BP are utilizing advanced EOR technologies as one of their primary means of reservoir recovery and are seeing success doing so.
In this month’s E&P we take a look at the latest EOR trends and the efforts companies are implementing in conventional onshore reserves, unconventional plays and offshore projects and how those efforts are succeeding in the lower-for-longer price environment.
Read each cover story: