(MENAFN - GetNews) The global enhanced oil recovery (EOR) market reached a value of US$ 45.6 Billion in 2020. IMARC Group expects the global enhanced oil recovery (EOR) market to exhibit moderate growth during (2021-2026).
As per the latest report by IMARC Group, titled Enhanced Oil Recovery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026, the global enhanced oil recovery (EOR) market size is increasing at a steady rate. The process of oil production is generally divided into primary, secondary and tertiary phases. The primary oil recovery phase is limited to hydrocarbons that naturally rise to the surface; the secondary recovery phase employs water and gas injection, displacing the oil and pushing it to the surface; and the tertiary phase works by increasing the pressure and minimizing the viscosity of the oil. The tertiary recovery phase, also known as enhanced oil recovery (EOR), is currently gaining traction across the globe as it aids
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177.2
International petroleum consultants DeGolyer and MacNaughton assess that, at the Tawke field on the Tawke licence (Genel 25% working interest), gross year-end 2020 1P reserves stood at 173 MMbbls, compared to 176 MMbbls at year-end 2019, after adjusting for production of 21 MMbbls and an upward technical revision of 18 MMbbls. Tawke field 2P reserves stood at 245 MMbbls (261 MMbbls at end-2019) and 3P reserves at 359 MMbbls (376 MMbbls at end-2019).
The Enhanced Oil Recovery project at the Tawke field has started to deliver a positive impact on production. Pending further work on the project, the 23 MMbbls of 2P and 45 MMbbls of 3P gross reserves that DeGolyer and MacNaughton previously included in their figures continues to be maintained by Genel in 2C and 3C resources.