Enhanced Oil Recovery Drives Depleting Hydrocarbon Reservoirs According to GBI Research

28 May 2012 • by Natalie Aster

The oil and gas enhanced production services expenditure grew consistently from 2000 to 2008 as a result of the rise in demand for and cost of enhanced production services. According to the report “Oil and Gas Enhanced Production Services Industry to 2016 - Enhanced Oil Recovery (EOR) Driving E&P Activity in Depleting Hydrocarbon Reservoirs” by GBI Research, this is a result of efforts to improve the production efficiency in terms of the percentage recovery of crude oil and natural gas from onshore and offshore reservoirs. From an annual capital expenditure of $21.95 billion in 2000, the annual spending for global oil and gas enhanced production services grew at an average annual growth rate (AAGR) of 26.38% until 2008, when the annual capital expenditure was $68.27 billion. However, 2009 saw a decline in spending over the previous year by around 12.25%.

Report Details:

Oil and Gas Enhanced Production Services Industry to 2016 - Enhanced Oil Recovery (EOR) Driving E&P Activity in Depleting Hydrocarbon Reservoirs
Published: May, 2012
Pages: 84
Price: US$ 3.500,00

During the global financial crisis, the demand for drilling and completion equipment reduced considerably as a result of reduced oil and gas exploration and production activity worldwide. This caused an excess supply of coiled tubing. With the current situation of increasing oil prices and the subsequent increase in drilling activity, coiled tubing services are expected to witness a rapid rise in demand in the near future. However, coiled tubing is expected to witness a shortage for the next few years as directional drilling, which is increasing at a higher rate than conventional drilling, requires a considerably larger deployment of coiled tubing services. This is because horizontal drilling necessitates the usage of pressure pumping equipment, which requires coiled tubing.

More information can be found in the report “Oil and Gas Enhanced Production Services Industry to 2016 - Enhanced Oil Recovery (EOR) Driving E&P Activity in Depleting Hydrocarbon Reservoirs” by GBI Research.

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