The Global Market for Private Tutoring Services is Forecast to Reach US$227 Billion by 2022

The global market for Chemical Enhanced Oil Recovery (EOR) is projected to reach US$1.2 billion by 2025, driven by the end of the era of easy oil, the ensuing decline in new discoveries in conventional oil reserves, depletion in existing oil fields and the growing focus on extracting more crude oil by using tertiary recovery technology. The changing economics of oil exploration and drilling such as rising costs of exploration, falling international oil prices are squeezing profit margins, forcing oil companies to focus on productivity and performance of crude oil wells. Oil productivity refers to recovery of oil from an oil well and profitability is determined by oil yields higher than the capital costs of the oil well. Optimum oil productivity has therefore become vital for the survival of oil companies worldwide. More oil translates into more revenues for companies while simultaneously ensuring efficient operations across the entire energy value chain. With oil price volatility resulting in lower willingness to invest in new oil exploration projects, there is growing emphasis on converting or restoring old abandoned wells using EOR technologies and services. Also, to ensure the ability to comfortably breakeven in the face of declining oil prices, companies are seeking new ways to enhance oil production from existing productive wells. The scenario is driving demand for chemical enhanced oil recovery. Benefits offered by chemical enhanced oil recovery include ability to reverse the decline of mature fields; higher well productivity; and helps mitigate the problem of production declines. Declining oil discovery is breathing new life into advanced recovery techniques as oil companies seek to bring the world’s abandoned oil fields back into production. Rising interest conversion of world’s abandoned oil wells is led by high cost of new unconventional oil fields; and uncertainties involved in finding oil. Old wells eliminate this risk since these wells still contain over 70% oil, which require more expensive technology to bring it to the surface. Read More…