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…

Comments

Post a Comment

Popular posts from this blog

The Global Market for Surfing is Projected to Reach US$9.5 Billion by 2022

Rise of Surfing as a Lifestyle Sport Among all Age Groups Drives the Global Surfing Market, According to a New Report by Global Industry Analysts, Inc. GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Surfing market. The global market for Surfing is projected to reach US$9.5 billion by 2022 , driven by the growing interest in surfing both as a leisure and sporting activity, increased accessibility to surfing through surf parks and surf pools and technology innovations focused on developing sophisticated surf-wear and surf-gear.                               Surfing is a surface water sport where a participant riding a board (the surfboard) is carried away by a breaking wave. The surfing industry continues to evolve, driven by sustained efforts of s...
Read more

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

Intense Competition among Students and the Growing Need to Achieve Academic Excellence Drive the Global Private Tutoring Market, According to a New Report by Global Industry Analysts, Inc. GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Private Tutoring market. The global market for Private Tutoring Services is forecast to reach US$227 billion by 2022 , driven by the need to keep pace with classroom teaching, improve overall competency and enhance knowledge and skill level. Education is considered the social ladder to achieve success in personal and professional life. Higher education is associated with increased opportunities in the labor market, high remunerations, and improved social standing. People are therefore investing heavily in children’s education, including private tutoring or private supplementary tutoring which is emerging as a major phenomenon in the global education system...
Read more
Image
The global market for Material Handling Equipment is projected to reach US$190.3 billion by 2025, driven by the strong emphasis shed on production and operational efficiency and worker safety. The concept of “last mile” is widely popularized in supply chain management and transportation planning for its ability to increase customer satisfaction and profitability. Automation, optimization and delivery route planning are therefore vital strategies adopted by companies to improve their last mile performance. Of equal importance are the “first mile” operations involving indoor material handling on the plant floor. Raw material being the primary and most importance element in manufacturing needs to move through multiple stages of production and final packaging in a smooth and seamless manner to prevent logistical bottlenecks in production. Timely handling of materials is important to ensure that right materials in right quantities are delivered to the right locations at the right ti...
Read more