Top 5 Vendors in the Global Enhanced Oil Recovery Market from 2017 to 2021: Technavio
Technavio
has announced the top five leading vendors in their recent global
enhanced oil recovery (EOR) market 2017-2021 report.
This market research report also lists 21 other prominent vendors that
are expected to impact the market during the forecast period.
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Technavio has published a new report on the global enhanced oil recovery market from 2017-2021. (Graphic: Business Wire)
Competitive vendor landscape
According to the research analysis, the global enhanced
oil recovery market is expected to grow at a CAGR of close to
11% by 2021. The market is highly competitive market with major vendors
such as BP, Chevron, Halliburton, Royal Dutch Shell, and Schlumberger
all competing based on price, quality, and market presence. However, the
market is facing harsh conditions due to the low global commodity prices
of oil and gas. The presence of well-diversified international and
regional vendors characterizes the market. In the developed and
developing countries, regional vendors dominate the market, thus
increasing the competition.
Vendors are increasingly focusing on R&D to reduce cost and improve
the effectiveness of the EOR operations. There are products being
developed that are higher in viscosity so that once mixed with water
they can seep out more crude oil. There are also other products that are
being developed which are biodegradable in nature so that they can
resolve the issues related to environmental contamination,” says
Thanikachalam Chandrasekaran, a lead oil
and gas research analyst from Technavio.
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Technavio market research analysts identify the following key
vendors:
BP
BP is an international oil and gas company that provides energy products
and services worldwide. The company specializes in oil and natural gas
exploration; field development and production; and midstream
transportation, storage, and processing. The company harnesses
technologies such as EOR, seismic data, and real-time data to support
its upstream strategy.
Chevron
Chevron is one of the leading energy companies in the world and is
involved in the exploration, production, and transportation of crude
oil, natural gas, and refined oil. It markets and sells fuels and
lubricants; manufactures and sells petrochemical products, generates
power, and produces geothermal energy; and develops energy resources
such as biofuels for future.
Halliburton
Halliburton is one of the world's largest service companies engaged in
the exploration, development, and production of oil and natural gas. The
company serves the major oil and natural gas companies worldwide in
upstream areas. Halliburton through its field development planning is
engaged in providing EOR services.
Royal Dutch Shell
Royal Dutch Shell has an integrated operational structure with
investments in the oil and gas value chain. Royal Dutch Shell through
its energy and innovation segment is engaged in providing EOR services.
The company is one of the leading players in solar EOR projects. For
instance, Glasspoint and Shell are developing a solar EOR
project in Oman, which is expected to be commercialized in 2017.
Schlumberger
Schlumberger offers a varied range of services, including seismic
surveys, formation evaluation, drilling technologies and equipment,
cementing, well construction and completion, and project management. The
company makes its presence felt in the EOR market through its services
and products division wherein it is engaged in providing EOR screening,
pilot project implementation, and full-field implementation services.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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