Microbial Enhanced Oil Recovery Market Industry Analysis, Trends, and Forecast 2

Posted by anagha on May 8th, 2019

Microbial enhanced oil recovery is a tertiary oil recovery technique used for additional or improve recovery of trapped oil from the well. The microbes used in microbial EOR techniques are biodegradable and therefore are considered environment friendly, as compared to other enhanced oil recovery techniques. This has resulted in an acceptance of this technology, worldwide.

The microbial enhanced oil recovery market is expected to gain significant traction, owing to rising R&D activities and deployment of projects on microbial enhanced oil recovery, globally. For instance, in 2018, ConocoPhillips along with its partners BP, Chevron, and Shell, deployed offshore Clair Ridge enhanced oil recovery project based on the principle of low salinity water injection.

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Asia Pacific is anticipated to witness lucrative growth during the forecast period, owing to the rising imports of crude oil by the emerging economies such as India and China in order to meet the rising demand for crude oil. Moreover, these two economies are highly energy deficient and are reliant on imports. The imports of crude oil are majorly from Middle Eastern and African regions. Currently, Middle East caters to around 50% of China’s imports in 2016. The scenario is expected to sustain, as China struggles to diversify its imports. According to the Government of India, the country imported 109.09 million tons of crude oil from 10 Middle East nations in the 2015-16, which was 59% of the total oil imports.

Growing automobile and petrochemical industries in the region are propelling demand for crude oils. India is focused on diversifying oil imports and plans to reduce its dependence on the Middle East by increasing imports from Africa, as announced by India’s Oil Minister. As growth of microbial enhanced oil recovery market is dependent on oil consumption, long term consumption security ensures steady growth of microbial enhanced oil recovery market.

Onshore segment is expected to gain major traction, owing to increasing demand for high recovery rates from maturing wells, which in turn is expected to favor growth of the microbial enhanced oil recovery market in the near future.

Key players operating in the global microbial enhanced oil recovery market are adopting various growth strategies such as partnerships & collaborations to expand their business. For instance, in June 2018, SOPAN, a player in the oil & gas sector in India, signed a service agreement with Titan Oil Recovery Inc. for providing organic oil recovery (OOR) solutions to the Indian oil production industry. Another collaboration by the same company in March, 2018, with Hunting PLC aimed to add organic oil recovery (OOR) to its list of TEK-Hub products and technologies focused on enhancing production.

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Key players operating in the global microbial enhanced oil recovery market include National Energy Services Reunited Corp., Micro-Bac International Inc., RAM Biochemical, Inc., Titan Oil Recovery, Inc., Chemiphase Ltd., ConocoPhillips Company, and Microbial Energy Inc.

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