Europe Enhanced Oil Recovery Market Size & Outlook
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Europe enhanced oil recovery market highlights
- The Europe enhanced oil recovery market generated a revenue of USD 8,480.0 million in 2019.
- The market is expected to grow at a CAGR of 3.5% from 2020 to 2027.
- In terms of segment, chemical was the largest revenue generating technology in 2019.
- CO2 Injection is the most lucrative technology segment registering the fastest growth during the forecast period.
- Country-wise, UK is expected to register the highest CAGR from 2020 to 2027.
Europe data book summary
| Market revenue in 2019 | USD 8,480.0 million |
| Market revenue in 2027 | USD 11,147.0 million |
| Growth rate | 3.5% (CAGR from 2019 to 2027) |
| Largest segment | Chemical |
| Fastest growing segment | CO2 Injection |
| Historical data covered | 2016 - 2018 |
| Base year for estimation | 2019 |
| Forecast period covered | 2020 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Thermal, CO2 Injection, Chemical |
| Key market players worldwide | BP PLC, Cenovus Energy, Chevron Corp, Equinor ASA, ExxonMobil, LUKOIL, Petroleo Brasileiro SA Petrobras ADR, TotalEnergies SE |
Other key industry trends
- In terms of revenue, Europe region accounted for 18.3% of the global enhanced oil recovery market in 2019.
- Globally, North America is projected to lead the regional market in terms of revenue in 2027.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 15,624.4 million by 2027.
Chemical was the largest segment with a revenue share of 53.17% in 2019. Horizon Databook has segmented the Europe enhanced oil recovery market based on thermal, co2 injection, chemical covering the revenue growth of each sub-segment from 2016 to 2027.
The new advancement in the offshore application of the chemical EOR in the region is expected to boost EOR related activities in the mature wells of the North Sea Basin. The recent advancement was made by the Chevron North Sea Limited has initiated the phase I of the Captain EOR project.
The project objective is to enhance the production by utilizing polymer technology. The phase I of the project is to expand the Captain field platform area by six long injected wells. It is expected that the phase II of the expansion is estimated to enhance the production from 60,000 barrels per day to 85,000 barrels per day.
The increasing viability of the EOR in the offshore application is expected to drive the market growth over the forecast period.
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Enhanced Oil Recovery Market Scope
Enhanced Oil Recovery Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| ExxonMobil | View profile | 10001+ | Irving, Texas, United States, North America | https://corporate.exxonmobil.com |
| Cenovus Energy | View profile | 1001-5000 | Calgary, Alberta, Canada, North America | http://www.cenovus.com |
| LUKOIL | View profile | 10001+ | Moscow, Moscow City, Russian Federation, Europe | http://www.lukoil.com/# |
| Equinor ASA | View profile | 24467 | Forusbeen 50, Stavanger, Norway, N-4035 | https://www.equinor.com |
| BP PLC | View profile | 87800 | 1 St James's Square, London, United Kingdom, SW1Y 4PD | https://www.bp.com |
| Petroleo Brasileiro SA Petrobras ADR | View profile | 40213 | Avenida Republica do Chile, 65, Rio de Janeiro, RJ, Brazil, 20031-912 | https://www.petrobras.com.br |
| TotalEnergies SE | View profile | 100000 | 2, Place Jean Millier, La Defense 6, Courbevoie, France, 92400 | https://www.totalenergies.com |
| Chevron Corp | View profile | 45600 | 6001 Bollinger Canyon Road, San Ramon, CA, United States, 94583-2324 | https://www.chevron.com |
Europe enhanced oil recovery market size, by country, 2016-2027 (US$M)
Europe Enhanced Oil Recovery Market Outlook Share, 2019 & 2027 (US$M)
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