UK Enhanced Oil Recovery Market Size & Outlook, 2019-2027
UK enhanced oil recovery market, 2016-2027 (US$M)
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UK enhanced oil recovery market highlights
- The UK enhanced oil recovery market generated a revenue of USD 1,725.7 million in 2019 and is expected to reach USD 2,330.8 million by 2027.
- The UK market is expected to grow at a CAGR of 3.8% 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.
Enhanced oil recovery market data book summary
| Market revenue in 2019 | USD 1,725.7 million |
| Market revenue in 2027 | USD 2,330.8 million |
| Growth rate | 3.8% (CAGR from 2019 to 2027) |
| Largest segment | Chemical |
| Fastest growing segment | CO2 Injection |
| 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, UK accounted for 3.7% 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 Europe, UK enhanced oil recovery market is projected to lead the regional market in terms of revenue in 2027.
- UK is the fastest growing regional market in Europe and is projected to reach USD 2,330.8 million by 2027.
Chemical was the largest segment with a revenue share of 53.22% in 2019. Horizon Databook has segmented the UK enhanced oil recovery market based on thermal, co2 injection, chemical covering the revenue growth of each sub-segment from 2016 to 2027.
The prominent changes in the UK’s tax regime for the oil and gas industry is likely to push the growth of the sector over the forecast period. The change in the tax regime is expected to bring relief for the operators working in the UK Continental Shelf (UKCS) Basin.
The reduction of Petroleum Revenue Tax (PRT) to 0% from 35% is likely to boost operator’s revenue. However, the UK’s Oil and Gas Authority (OGA) states that only 43% of the oil is expected to be produced from UKCS along with limited number of mature wells.
This trend is likely to push the operators to opt for efficient manners of recovery such as EOR. However, the concern with respect to the inadequate infrastructure and decommissioning are primary restraint for the industry’s growth.
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Enhanced Oil Recovery Market Scope
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UK enhanced oil recovery market size, by technology, 2016-2027 (US$M)
UK Enhanced Oil Recovery Market Outlook Share, 2019 & 2027 (US$M)
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