EOR Chemicals are Essential Components for Enhancing the Efficiency in Production of Crude Oil

EOR chemicals are vital products for obtaining a high level of effectiveness in oil extraction. The primary use of EOR chemicals is in extraction of oil from very deep oil wells, and in wells in which extraction operations have been already done. As the current oil reserves are depleting at a fast rate, the importance of EOR chemicals has increased immensely.

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Fast depleting oil reserves are making consumers shift their focus on extraction operations on existing mature wells, reserves in difficult terrains, and deep drilling activities on and offshore. This trend is leading to growing demand for EOR chemicals. Growing drilling and enhanced oil recovery operations in countries such as China, Brazil, India, and Malaysia are contributing toward the growth of EOR chemicals market.

EOR chemicals are increasingly being used in the onshore as well as offshore extractions. The offshore application is projected to grow at the higher CAGR between 2014 and 2019. The existing mature oil reserves within North America are making this application attractive for the market players.