The global market for chemical enhanced oil recovery (EOR) is set to expand significantly over the coming decade. According to Allied Market Research’s 'Global Oil Recovery Market Report,' the market, valued at $900 million in 2021, is expected to grow at an average annual rate of 4.6%, reaching $1.
Chemical EOR techniques, which rely on polymer, surfactant, and alkaline injections, are increasingly being used to boost production in mature oil fields where traditional methods are declining. These methods are considered highly effective for extracting remaining oil from underground reservoirs.
The majority of the market is driven by onshore projects. In 2021, onshore operations accounted for around 75% of the market due to the high number of mature oil wells. Offshore projects also attract attention, but high salinity, chemical storage challenges, and costs remain key constraints.
Currently, North America meets approximately 40% of global demand, with the United States leading production at 16.6 million barrels per day. In the Asia-Pacific region, output reaches 7.34 million barrels per day, with China and India as major producers. In Europe, supply disruptions from Russia due to the conflict in Ukraine are prompting governments to invest in production-enhancing technologies.
Leading industry players include ExxonMobil, BP, Shell, Sinopec, BASF, Chevron, Baker Hughes, Lukoil, and Petrobras.
The report highlights that chemical EOR methods play a crucial role in extending the life of mature oil fields. However, high costs, environmental risks, and competition from CO₂-based methods remain significant limiting factors.
The market is segmented by chemical type — petroleum-based, bio-based, and water-based — as well as by product, including water-soluble polymers, surfactants, gels, biopolymers, and alkalines. Techniques include polymer, surfactant-polymer, alkaline-polymer, and low-salinity gas injection, with applications spanning onshore and offshore operations.
Experts note that market growth is primarily driven by a gradual shift towards maximising recovery from existing reservoirs rather than new discoveries.
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The Philippines remains under a "severe threat" from China despite recent efforts by Washington and Beijing to ease tensions, Philippine Defence Secretary Gilberto Teodoro said on Saturday (30 May).
Russia has recalled its ambassador to Armenia for consultations, citing Yerevan's growing rapprochement with the European Union. The move is seen as the latest sign of deteriorating relations between the longtime allies ahead of Armenia's parliamentary election on 7 June.
Thai rescuers say five people have been pulled alive from a flooded cave in remote Laos, where seven villagers became trapped after heavy rain cut off access underground.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 30 May, covering the latest developments you need to know.
A group of Azerbaijani civil society organisations has called for increased scrutiny of Swiss building materials giant Holcim, citing court rulings and ongoing investigations linked to its subsidiary Lafarge's activities during the Syrian conflict.
The World Health Organization (WHO) says ongoing conflict, funding pressures and international travel restrictions are complicating efforts to contain a fast-growing Ebola outbreak in the Democratic Republic of Congo (DRC).
Thai rescuers say five people have been pulled alive from a flooded cave in remote Laos, where seven villagers became trapped after heavy rain cut off access underground.
Russia and Kazakhstan signed 15 agreements during President Vladimir Putin’s state visit to Astana on Thursday (28 May), including deals on Kazakhstan’s first nuclear power plant and expanded oil cooperation with Russia.
European companies are continuing to deepen their presence in China, with nearly seven in ten firms maintaining or expanding their supply chains despite global efforts to diversify, according to a new survey by the EU Chamber of Commerce.
BP has removed its chair, Albert Manifold, with immediate effect, citing concerns over governance and conduct. The company said its board had unanimously decided that Manifold should no longer serve as chair or director.
The dual-class share structure outlined in SpaceX’s initial public offering (IPO) filing, which gives chief executive Elon Musk outsized control, has reignited one of Wall Street’s longest-running debates over corporate governance.
Kevin Warsh will be sworn in as chair of the U.S. Federal Reserve on Friday as policymakers consider higher interest rates to tackle inflation linked to the Trump administration’s Iran policy.
A government-mediated agreement has suspended an 18-day walkout by about 48,000 Samsung union members, easing fears of damage to South Korea's economy and global chip supply.
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