Month: August 2018

Market Snapshot: Oilfield Services & Technologies

When you think of an oilfield, what comes to mind? Most people are familiar with the appearance of a traditional drilling rig, but what goes into making it work safely, effectively, and efficiently is an increasingly complex technical arena?

As part of this technical area, the Department of Energy’s Fossil Energy Office of Oil & Natural Gas supports research and policy options to ensure domestic and global supplies of oil and natural gas and provides overviews on many sectors of interest, including Enhanced Oil Recovery (EOR), which was initially developed as a method to extract additional oil from reservoirs after primary and secondary recovery methods ceased to be productive enough to maintain economic field operation. BCC Research reports that the global EOR market totaled nearly $22.9 billion in 2016 and should total $30.4 billion by 2021, with a five-year compound annual growth rate (CAGR) of 5.9% through 2021. This market includes a wide variety of products and components, such as injection pumps, wellheads, specialized well tubing, chemical feeder systems, air separation units, gas compressors, blowers, steam generators, specialized storage vessels, gas recapture and separation systems, and various other equipment and facilities. Additionally, this market includes surfactants, polymers, alkali chemicals, liquid nitrogen and CO2, which act as oil recovery media. Continue reading “Market Snapshot: Oilfield Services & Technologies”