India Enhanced Oil Recovery Market Size & Outlook, 2019-2027
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India enhanced oil recovery market highlights
- The India enhanced oil recovery market generated a revenue of USD 1,100.1 million in 2019 and is expected to reach USD 1,406.2 million by 2027.
- The India market is expected to grow at a CAGR of 3.1% from 2020 to 2027.
- In terms of segment, thermal was the largest revenue generating technology in 2019.
- Thermal is the most lucrative technology segment registering the fastest growth during the forecast period.
Enhanced oil recovery market data book summary
| Market revenue in 2019 | USD 1,100.1 million |
| Market revenue in 2027 | USD 1,406.2 million |
| Growth rate | 3.1% (CAGR from 2019 to 2027) |
| Largest segment | Thermal |
| Fastest growing segment | Thermal |
| Historical data | 2016 - 2018 |
| Base year | 2019 |
| Forecast period | 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, India accounted for 2.4% of the global enhanced oil recovery market in 2019.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2027.
- In Asia Pacific, China enhanced oil recovery market is projected to lead the regional market in terms of revenue in 2027.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 8,905.9 million by 2027.
Thermal was the largest segment with a revenue share of 48.37% in 2019. Horizon Databook has segmented the India enhanced oil recovery market based on thermal, co2 injection, chemical covering the revenue growth of each sub-segment from 2016 to 2027.
The Government of India is taking various initiatives to boost EOR activity in the country. The government has expressed its intention to formulate a new policy to enable private companies to bid for EOR projects.
It is encouraging state-owned oil firms to use EOR techniques. These initiatives are in line with the government’s vision to reduce oil dependence by 10% by 2022. The number of aging oilfields in the country coupled with the government initiatives is expected to drive EOR market in the country over the forecast period.
EOR has been implemented in various oilfields in the country including Jhalora (Rajasthan), Kalol (Gujarat), Gandhar fields (South Gujarat), Ankleshwar (Gujarat), and in Mumbai High. Major international players, such as Cairn India, have rolled out EOR investment plans to further enhance oil production through EOR in the country. Such trends are expected to benefit India EOR 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 |
India enhanced oil recovery market size, by technology, 2016-2027 (US$M)
India Enhanced Oil Recovery Market Outlook Share, 2019 & 2027 (US$M)
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