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Carbon Dioxide Enhanced Oil Recovery Market: Overview

Carbon dioxide enhanced oil recovery is a technique via which carbon dioxide is injected into already developed oil fields. Once added, it mixes with the oil and frees it so that it can move into the production well. The carbon dioxide present along with the oil is separated above the ground with the help of various devices and injected once again into the oil field, by which way it can be recycled and reused after being utilized once.

The carbon dioxide required for this procedure used to initially be obtained through natural reserves of the gas present below the ground surface. Due to a limited supply of natural carbon dioxide, it is currently obtained from industrial facilities, power plants such as steel and cement plants, and fertilizer & ethanol production units. It is stored and occupied for the purpose of oil recovery which in turn helps curb pollution caused by excess amounts of carbon dioxide otherwise generated into the atmosphere through these power plants or manufacturing units.

Carbon Dioxide Enhanced Oil Recovery Market: Market Trends

In recent times, there has been a surge in the usage of carbon dioxide enhanced oil recovery due to various reasons. Through carbon dioxide enhanced oil recovery, carbon dioxide can be effectively used to increase the capacity of oil produced in ageing oil fields. The traditional method involving crude oil yields about 20 to 40%, whereas carbon dioxide enhanced oil recovery yields around 30 to 60%.

Gases commonly used for the process of enhanced oil recovery include natural gas, carbon dioxide, and nitrogen. The advantages posed by carbon dioxide over other gases include its high miscibility in crude oil and comparatively low cost making it generally preferable.

Carbon dioxide enhanced oil recovery offers a wide scope for development and has also been adopted on a large scale in leading economies for its benefits over other traditional methods. The fact that it utilizes carbon dioxide which would otherwise be released into the atmosphere and cause harmful effects to the environment plays an important role too. 

Carbon Dioxide Enhanced Oil Recovery Market: Region-wise Outlook

Carbon dioxide enhanced oil recovery has been widely adopted in North America for a long period of time as a method of obtaining oil from mature reserves. Hence, the market for carbon dioxide enhanced oil recovery in this region is expected to witness rapid development in the next few years. Middle East & Africa offers excellent potential for this market due to the multitude of oil reserves present in the region as well as the various mature oil wells that are yet to be explored. The market for carbon dioxide enhanced oil recovery in Asia Pacific is in its developmental stages and this technique is yet to be adopted on a full-fledged basis by a majority of the countries here.

Europe is home to a reasonable number of oil reserves which is predicted to lead to the expansion of the carbon dioxide enhanced oil recovery market here in the future. However, the market in Latin America is likely to advance at a comparatively sluggish pace due to the limited oil reserves and thereby, scope of application in the region.

Carbon Dioxide Enhanced Oil Recovery Market: Key Players

Key players operating in the market of Carbon Dioxide Enhanced Oil Recovery include Abu Dhabi National Oil Company (ADNOC), Japan Oil, Gas and Metals National Corporation (JOGMEC), Occidental Chemical Corporation (OxyChem), Royal Dutch Shell, and Summit Power Group.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Carbon Dioxide Enhanced Oil Recovery Market

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