Europe Enhanced Oil Recovery Market 2018 - 2028: Growing Adoption Of Outdoor Recreational Activities Fuels The Sector
Growing public interest towards sustainable and environment-friendly products is expected to drive the Europe Enhanced Oil Recovery Market growth in the forecast period, 2024-2028.
According
to the TechSci Research report titled "Europe
Enhanced Oil Recovery Market - By Country, Competition, Forecast and
Opportunities, 2018-2028", the market for enhanced oil recovery (EOR) in
Europe is expected to witness robust growth during the forecast period from
2024 to 2028. The surge in global oil demand is driving the increasing demand
for EOR. Additionally, governments worldwide are undertaking projects to employ
advanced oil extraction techniques to maximize returns from existing oil and
gas resources.
The European Union is actively promoting carbon capture and storage (CCS) as a means to mitigate carbon emissions. EOR can be integrated with CCS to sequester CO2 emissions from industrial processes or power generation, thus reducing the carbon footprint of EOR operations. This presents an opportunity for EOR projects to access funding and incentives aimed at addressing climate change.
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In
terms of technology, the Thermal Injection segment has emerged as the dominant
market leader. The consistent growth in this segment is attributed to the
presence of heavy oil reservoirs in countries such as Russia, the United
Kingdom, and the North Sea region. As conventional oil production declines, the
demand for thermal EOR methods is expected to increase, further expanding the
market. Thermal EOR methods are particularly effective in reservoirs with heavy
or highly viscous crude oil, as they reduce the oil's viscosity, facilitating
its flow through the reservoir and into production wells. However, it's
important to manage the energy-intensive nature of thermal EOR methods and
potential increased greenhouse gas emissions properly. European countries are
actively integrating CCS technologies with thermal EOR to promote sustainable
thermal EOR practices.
Regarding
applications, the Offshore segment is anticipated to grow during the forecast
period. This growth is primarily driven by the necessity to extract additional
hydrocarbons from offshore reservoirs in the late stages of conventional
production. Offshore EOR operations in Europe are subject to stringent
environmental regulations and safety standards, emphasizing the need to
minimize environmental impact. Companies operating in this segment must comply
with regulations related to emissions, discharges, and spill prevention and
response.
Major
companies in the Europe Enhanced Oil Recovery Market include:
BP
plc,
Royal
Dutch Shell plc
Equinor
ASA,
TotalEnergies
SE,
OMV
AG,
Repsol
S.A.
Eni
S.p.A.
Wintershall
Dea GmbH
Lundin
Energy AB
Aker BP ASA.
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According
to Mr. Karan Chechi, Research Director at TechSci Research, noted, "Russia
is expected to dominate the market during the forecast period,"
highlighting Russia's established energy industry with a strong emphasis on
research and development, advanced reservoir engineering, and drilling
expertise critical for the success of EOR projects.
The
report titled "Europe Enhanced Oil Recovery Market By Technology (Gas
Injection, Thermal Injection, Chemical Injection, Microbial Injection and
Others), By Application (Onshore and Offshore), By Country, By Competition
Forecast & Opportunities, 2018-2028" evaluates the future growth potential of the Europe
Enhanced Oil Recovery Market, providing statistics and information on market
size, structure, and future market growth. The report aims to deliver
cutting-edge market intelligence, aiding decision-makers in making sound
investment decisions, and identifying and analyzing emerging trends, essential
drivers, challenges, and opportunities in the Europe Enhanced Oil Recovery Market.
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