Enhanced Oil Recovery Market Giants Spending Is Going To Boom | Schlumberger, Baker Hughes, Saudi Aramco, ConocoPhillips
iCrowd Newswire
16 Jul 2021, 11:30 GMT+10
Due to the lack of new oil and gas fields and an increasing need for fossil fuels has upsurged the demand to make improvements in the existing oil fields. Thus, the demand for Enhanced Oil Recovery (EOR) has been increased over the past few years and will further increase with respect to rapid industrial growth and the need for crude oil, EOR is an advanced technology used in extracting crude oil which couldn t be extracted through conventional oil extraction technologies from the existing oil reservoirs. It is also known as tertiary recovery process as it takes place after primary and secondary oil recoveries. Moreover, with the increasing gap between supply and demand for crude oil and growing demand from automobile industry will significantly increase demand for EOR over the forecasted period.