Top 15 Companies in Enhanced Oil Recovery Market in Globe: by, Size, Share, Market Cap (2024–2035)

Description

According to a research report published by Spherical Insights & Consulting, The Global Enhanced Oil Recovery Market Size is projected to Grow from USD 16.03 Billion in 2024 to USD 29.23 Billion by 2035, at a CAGR of 5.61% during the forecast period 2025–2035. The increasing demand for enhanced oil recovery has been exacerbated by the growing demand for oil, and many governments around the world are taking steps to employ advanced technologies for oil extraction in an effort to increase profits from the current oil and gas fields.

 

 

Introduction

Enhanced oil recovery technologies have been added to the oil and gas industry as a result of the depletion of fossil fuel energy. Added to the increasing demand for better oil recovery globally is the expanding demand for oil. In addition, a number of governments worldwide are attempting to extract oil using cutting-edge technologies in an effort to make large profits from the current oil and gas reserves. China and India are also providing fiscal incentives to entice multinational corporations to increase their investments in the improved oil recovery industry. This is why various companies throughout the world are conducting research and development conditioning to improve oil recovery. Additionally, the market has grown as a result of different oil extraction firms starting to rely more on tertiary or improved oil recovery techniques, since secondary and primary oil recovery methods may leave up to 70% of the oil in the reservoir. Because oil companies are working on ways to expand onshore enhanced oil recovery methods, most enhanced oil recovery technologies are currently used offshore. The most widely used enhanced oil recovery techniques worldwide are gas injection, thermal recovery, and chemical injection.

 

Key Market Trends:

 

Unrestricted Demand for Oil Will Fuel Market Development

 

The demand for petroleum products rose as a result of the exponential growth in oil consumption across several industrial verticals, including manufacturing, shipping, transportation, and power. Operators are adopting a variety of cutting-edge techniques to satisfy the expanding demand for oil. Projects for enhanced oil recovery provide the best possible oil recovery from the reservoir, increasing total production. Additionally, by minimizing the need to dig a new well, it maximizes production costs, which is expected to propel the market.

 

Emphasis on Increased Oil Production by Businesses to Support Market Development

 

Companies that spearhead exploration efforts and implement various techniques to find new oil and gas prospects worldwide are anticipated to propel market expansion in the next years. To meet the growing demand for gas, for example, Saudi Aramco committed USD 25 billion in a natural gas substructure through multiple contracts in July 2024. The market growth for enhanced oil recovery may be accelerated by such activities.

 

Enhanced Oil Recovery Market Size & Statistics

The market for enhanced oil recovery was estimated to be worth USD 16.03 Billion in 2024.

The market is going to expand at a CAGR of 5.61% between 2025 and 2035.

The Global Enhanced Oil Recovery Market is anticipated to reach USD 29.23 Billion by 2035.

North America is expected to generate the highest demand during the forecast period in the enhanced oil recovery market

Asia Pacific is expected to grow the fastest during the forecast period in the enhanced oil recovery market.

 

 

Regional growth and demand

Asia Pacific is expected to grow the fastest during the forecast period in the enhanced oil recovery market. China leads the Asia Pacific enhanced oil recovery industry because it has strong incentives to boost output from depleting oil fields and alleviate its excessive reliance on imported crude. China is starting a lot of EOR projects in their fields, especially in the Daqing, Shengli, and Xinjiang areas, using COâ‚‚-EOR, chemical injection, and polymer flooding. In order to help stabilize domestic manufacturing, China is developing EOR technology, with state-owned firms providing significant government money for social programs. China's long-term objective is to maximize oil recovery while developing all facets of contemporary energy security, and these programs are part of that goal.

 

North America is expected to generate the highest demand during the forecast period in the enhanced oil recovery market. The region's vast oil deposits and increasingly sophisticated extraction techniques are responsible for the market expansion in the area. Additionally, it is anticipated that the growing number of unconventional mature fields and oil and gas resources in the United States will propel market expansion. With the depletion of conventional oil reserves in the United States, EOR technologies including chemical flooding, gas injection, and thermal recovery are quickly able to prolong the life of aged reservoirs and improve production efficiency.

 

Top 15 Companies Leading the Enhanced Oil Recovery Market

1. Halliburton Company
2. Schlumberger Limited
3. Baker Hughes Company
4. Chevron Corporation
5. Royal Dutch Shell Plc
6. ExxonMobil Corporation
7. BP Plc
8. TotalEnergies SE
9. ConocoPhillips
10. Occidental Petroleum Corporation
11. Petrobras
12. China National Petroleum Corporation (CNPC)
13. Sinopec
14. Linde Plc
15. TechnipFMC Plc

 

1. Halliburton

Headquarters - Texas

Halliburton is a major player in the enhanced oil recovery market and a global leader in oilfield services, with its headquarters located in Houston, Texas. The business provides thermal recovery solutions, gas injection, and chemical flooding, among other cutting-edge EOR technologies. Halliburton's patented tools, such as its reservoir modeling software and SPIDRliveTM system, maximize recovery from established fields. With operations in more than 70 nations, it helps customers maximize hydrocarbon production while reducing their environmental effect. To increase EOR efficiency and cut costs, Halliburton makes significant investments in R&D. For international energy firms looking to increase recovery rates and prolong field life, its integrated approach to subsurface evaluation and production enhancement makes it a reliable partner.

 

1. Schlumberger Limited

Headquarters – UK

One of the biggest providers of oilfield services worldwide and a major pioneer in the improved oil recovery industry is Schlumberger, which has offices in Houston and Paris. It offers a comprehensive range of EOR solutions, such as gas injection, thermal, and chemical technologies. Operators may create accurate EOR strategies with the aid of Schlumberger's sophisticated reservoir characterization tools and digital platforms like DELFITM. Effective recovery from difficult reservoirs is made possible by the company's proficiency in fluid dynamics and subsurface modeling. Schlumberger deploys scalable EOR projects in partnership with independents and national oil majors.

 

1. Baker Hughes

Headquarters – Texas

Baker Hughes, a prominent leader in the enhanced oil recovery sector with its headquarters located in Houston, Texas, provides innovative solutions for the rejuvenation of aging fields. Among its offerings are CO2-based recovery systems, surfactant injection, and polymer flooding. Baker Hughes increases sweep efficiency and lowers water cut by utilizing its cutting-edge chemical technology and digital monitoring

 

capabilities. With a global network of labs and field specialists, the firm provides EOR services that are customized for every reservoir. Additionally, Baker Hughes prioritizes low-carbon EOR techniques in line with international environmental objectives. Its comprehensive strategy for production optimization and reservoir stimulation makes it a favored partner for long-term field development.

 

1. Chevron

Headquarters - California

Chevron, a vertically integrated energy business with its headquarters in San Ramon, California, is a market leader in improved oil recovery. Its expertise in CO2 injection, steam flooding, and water-alternating-gas (WAG) procedures spans decades. Targeting tight formations and heavy oil, Chevron's EOR operations are spread across Asia-Pacific, the Middle East, and North America. The company works with research universities and invests in pilot initiatives to develop EOR technologies. Chevron improves its EOR efficiency by concentrating on digital oilfield integration and carbon capture, utilization. As a global leader in enhanced oil recovery, it is dedicated to responsible energy development and resource recovery.

 

1. Shell

Headquarters - UK

A major player in the enhanced oil recovery business, Shell is a multinational energy conglomerate with its headquarters located in The Hague, Netherlands. The business focuses on thermal recovery, gas injection, and chemical EOR, especially in deepwater and offshore settings. Next-generation EOR fluids and simulation models are created at Shell's research and development facilities in Houston and Amsterdam. It uses captured CO2 for EOR applications and actively participates in carbon capture and storage (CCS) programs. Performance improvement and real-time reservoir monitoring are made possible by Shell's digital platforms and integrated upstream operations. Because of its emphasis on innovation, sustainability, and operational excellence, Shell is a major force behind EOR developments globally.

 

Are you ready to discover more about the enhanced oil recovery market?

The report provides an in-depth analysis of the leading companies operating in the global enhanced oil recovery market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:

 

Company Profiles

1. Halliburton Company.

• Business Overview
• Company Snapshot
• Products Overview
• Company Market Share Analysis
• Company Coverage Portfolio
• Financial Analysis
• Recent Developments
• Merger and Acquisitions
• SWOT Analysis

1. Schlumberger Limited
2. Baker Hughes Company
3. Chevron Corporation
4. Royal Dutch Shell Plc
5. ExxonMobil Corporation
6. BP Plc
7. TotalEnergies SE
8. ConocoPhillips
9. Others.

 

Conclusion

The market for enhanced oil recovery, or EOR, is expected to increase steadily as countries and businesses strive to maximize production from established fields due to the world's energy demand. New developments in thermal, gas, and chemical recovery methods are lowering extraction costs and improving reservoir performance. Technology adoption is being accelerated by government incentives, especially in Asia Pacific, and rising investments from major companies. With China spearheading production innovation and North America dominating demand, EOR will remain essential to maintaining energy security and maximizing hydrocarbon recovery.