The global gas injected enhanced oil recovery market is anticipated to grow at a significant CAGR of 2.1% during the forecast period (2022-2028). The global gas injected enhanced oil recovery market is growing due to the increasing number of aged oil wells globally. The increasing demand for oils in the global market is also boosting the market growth. The Asia-Pacific region is the major oil-importing region globally. Additionally, favorable government policies along with technological and infrastructural advancement are driving the growth of the global gas injected enhanced oil recovery market during the forecast period. The increasing technological advancement in the performance of mining and drilling activities and the increase in the requirement for enhanced oil recovery techniques are also driving the global market growth.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new launches, to stay competitive in the market. For instance-
- In September 2020, BASF SE announced its complete installation of enhanced oil recovery polymer injection plants in Argentina.
- In March 2020, the US Geological Survey released a new assessment method to estimate how much oil and gas could be produced by injecting carbon dioxide into petroleum reservoirs and also includes a way to estimate the amount of carbon dioxide remaining in the reservoir after the production of oil and gas is completed.
- In July 2019, Oil and Natural Gas Corp. Ltd. signed an agreement with Indian Oil Corp. Ltd. for CO2-based enhanced oil recovery by injecting CO2 captured from Indian Oil Corp. Ltd Koyali refinery.
- In April 2019, SUEZ and the EOR Alliance signed a partnership to pump new life into aging oil fields.
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Market Coverage
- The market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Chevron Corp., Shell, Schlumberger ltd., China Petrochemical Corp., and Exxon Mobil Corp., among others.
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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