Microbial enhanced oil recovery (MEOR) is a biological technology for manipulating the function or structure, or both, of microbial environments existing in oil reservoirs. The ultimate use of MEOR is to improve the recovery of oil from the reservoirs and increase economic profits. MEOR is a tertiary oil extraction technology that allows partial recovery oil, thus extending the life of mature oil reservoirs. This is done by modifying the interfacial properties of the reservoir that facilitates the oil movement. In such a system, the microbial activity affects fluidity and displacement efficiency of the remaining oil.
COVID-19 scenario analysis:
- The outbreak of the novel coronavirus all over the world has affected the microbial enhanced oil recovery market to a great extent.
- Nationwide lockdowns in several countries have halted transportation. This resulted in a steep decline in the demand for fuel in vehicles as well as industries. This has severely affected the oilfields and the MEOR market globally.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Rapid increase in industrialization & urbanization, decline in production for the existing oil fields, and growing number of matured oil wells have led to the growth in applications of microbial enhanced oil recovery techniques. Studies have revealed that residual oil amounts to about 67% of the total oil reserves. This residual oil is recovered by MEOR techniques and oil industries have started implementing these methods for the extraction of crude oil. The MEOR technology being exceptionally cost-effective has also led to its high acceptance across the globe. Up to 50% of the residual oil can be extracted by this exceptionally low operating cost technology.
However, MEOR is not highly effective when there is difference in temperatures within different layers of an oil field. Microorganisms generally grow at temperatures below 82 degree Celsius. Since temperature is much higher at depths, the MEOR technique is not as effective at these temperatures and this may act as a restraining factor for the MEOR market.
The demand for oil is increasing all over the world. The North America region has the largest share of the market, followed by Europe. The Asia-Pacific region is also expected to grow at a steady rate in future due to various initiatives taken by the governments in this region focusing on the recovery of crude oil.
Key benefits of the report:
- This study presents the analytical depiction of the global microbial enhanced oil recovery market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global microbial enhanced oil recovery market share.
- The current market is quantitatively analyzed to highlight the global microbial enhanced oil recovery market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Microbial Enhanced Oil Recovery Market Report Highlights
Key Market Players
Chemiphase Ltd, Equinor ASA, National Energy Services Reunited Corp., Microbial Energy INC, Micro-Bac International Inc., Qyrin Petroleum Technology, RAM Biochemical Inc., DuPont de Nemours Inc., Titan Oil Recovery Inc.