Newark, July 31, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.27 billion in 2023 global Microbial Enhanced Oil Recovery market will reach USD 3.45 billion by 2033. Currently, MEOR techniques adapted to such non-conventional categories as shale oil and tight reservoirs create a vast potential for continued development. With the decrease in conventional reserves, more attention has been paid to exploring them by adopting new EOR techniques such as MEOR, which gives the potential for this segment to expand in the market. Also, the expansion and adoption of MEOR continue to experience potential breakthroughs in Asia, Latin America, and Africa because of the new emerging markets. Many of these areas are urbanized and experience industrialization and economic development that lead towards enhanced energy demand; thus, they invest in advanced methods of EOR for enhanced recovery of oil and energy security. Exchange of ideas and partnerships between the upstream and downstream oil companies, technology suppliers, research centres and government organizations accelerate innovation, learning and market advancement in the MEOR segment. These include strategic partnerships and joint ventures that combine efforts, capital, and technology to facilitate the fast-tracking of commercialization and the uptake of MEOR technologies around the globe.
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Key Insight of the global Microbial Enhanced Oil Recovery market
Asia Pacific is expected to witness the highest market growth over the forecast period.
The shortage of energy resources, including oil, is mainly caused by the fast-growing economies of many Asia Pacific countries. The discovery of MEOR offers a new frontier in increasing oil recovery from these reservoirs, providing more room for growth to the region as the conventional oil sources are depleted. Moreover, oil demand in Asia Pacific countries is also considerably high due to their large population. They also possess rich oil resources, have rapidly growing oil exploration industries, and have large proven oil reserves, including China, India, Indonesia and Malaysia. There is always the prospect of boosting the recovery factors and pushing the overall production cycle of these watered-out oil fields by adopting MEOR techniques, thus making them viable options for regional IOCs. Notably, there is growing spending by governments and the oil industry in the region for EOR, aimed at increasing local production and minimizing dependence on imports. MEOR, being environmentally friendly and possibly within costs compared to other EOR techniques, is on the path of demand and contributing to the increase in the area. Moreover, the Asia Pacific region is comprised of a region wherein the consciousness of the environment and the effects of the traditional oil recovery methodologies are becoming increasingly emergent. Therefore, the increasing concern for conservative resources and environmental conservation presents MEOR as a more sustainable solution that helps it gain acceptance amongst stakeholders, hence its uptake in the hands market.
In 2023, the reservoir method segment dominated the market with the largest share of 64.38% and revenue of 0.82 billion.
The type segment is divided into ground method and reservoir method. In 2023, reservoir method segment dominated the market with the largest share of 64.38% and revenue of 0.82 billion.
In 2023, the onshore oilfield segment dominated the market with the largest share of 65.27% and revenue of 0.83 billion.
The application segment is classified into onshore oilfield and offshore oilfield. In 2023, the onshore oilfield segment dominated the market with the largest share of 65.27% and revenue of 0.83 billion.
Advancement in market
In August 2021: Japan’s Electric Power Development Corporation (J-Power) and oil field services company Schlumberger have teamed up to use coal gasification technology to produce carbon dioxide (CO2)-free hydrogen. This plan envisages using the CO2 released in the process to help in Enhanced Oil Recovery (EOR).
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Market Dynamics
Driver: Reservoir revitalization.
MEOR, or Microbial Enhanced Oil Recovery, is one of the benchmark technologies signalling huge possibilities of reviving the mature oil fields that have started to decline in production. This aspect involves the release of selected cultured microbial species into the reservoir. They are usually bacteria or fungi, which will be determined based on their capability to survive the pressure and temperature conditions in subterranean formations and engage with hydrocarbons. As soon as it is released into a repository, these microbes start reproducing and infiltrating the specific reservoir. They partake in the development and transform the conditions in the reservoir, acting on it and interacting with the oil and the adjacent rocks. This microbial activity can influence the viscosity of the crude oil, where the oil becomes more fluid to enable it to go around the reservoir’s porous framework. In addition, the microbes can break down some of the oil constituents and produce by-products that can aid in resuming or remobilizing kept or left-over oil. This process helps to enhance the amount of recoverable oil from the specific reservoir, thereby revitalizing production. MEOR techniques provide the following advantages when compared to conventional techniques. They are safe for the environment because they do not pollute the reservoirs with chemical solvents and use microbial culture to achieve positive results. Furthermore, MEOR might be more efficient than other recovery processes since they have higher coefficients in fields that conventional methods have already exploited.
Restraint: Longer lead times.
MEOR solutions differ based on the length of time, often taking longer than normal oil recovery methods. This aspect is mainly attributed to several factors associated with the growth and application of microbial technologies in the oil sector. An extensive exploration of microorganisms with potential for MEOR is required in terms of efficiency, effectiveness, and practical applicability. Scientists must spend considerable time analyzing the microbial candidates to know whether they ultimately perform their function by changing the reservoir conditions and emulsifying the oil. As highlighted earlier, field trials or laboratory experiments should follow the end of the research phase to establish the efficacy of the MEOR techniques in the actual reservoir types. These trials include introducing the specified microorganisms into test wells to assess their effects on the oil recovery rate over several months. The introduction of MEOR involves conducting field trials where the process is practised on a small scale to increase its efficiency and viability before large-scale practice. In addition, serious impacts relating to regulatory authorities make the process even longer. To deploy MEOR solutions on a commercial scale, companies need to clear some standard regulatory norms from respective authorities. This aspect usually involves proving that the intended MEOR technology is safe and effective and has zero negative effects on the environment through experimentation and documentation. The takeoff for MEOR technologies from conception to a matter of practice may present a chronological bottleneck that hinders the scalability of the ideas. Some of the challenges associated with these techniques include investors and stakeholders needing more time to put their capital into projects such as oil recovery, which is both time- and resource-consuming, as opposed to traditional recovery methods.
Opportunity: Regulatory support and incentives.
Governments can fund MEOR through grant monies, subsidies, or research grants for researchers or companies. Resource authentication for MEOR research and development The development of MEOR technology still incurs a high cost in laboratory studies, field trials and technology demonstrators; thus, by providing funds for the support, governments can reduce the cost implications. This aspect can be in the form of grants to any university, research institute or company involved in MEOR to encourage invention by providing capital for technological enhancement. Furthermore, to encourage more MEOR investment, governments may offer tax credits and allow for taxation credit transfers. Employment incentives are tax reliefs where R&D expenditures are allowed as deductions for tax purposes or tax credits where investments in new or innovative technologies can help lessen the costs on the companies involved in MEOR projects. These incentives help to justify investments in MEOR in businesses, ensuring that they provide the necessary funding for sustainable recoveries of oil. In addition, more MEOR project-friendly policies ease bureaucratic procedures that would otherwise hinder development and help to define acceptable environmental and safety practices. In this respect, governments should foster a legal framework that governs MEOR activities for the industry's good and that adheres to the laws and regulations set down by national and international laws. This much-needed certainty can help clear up confusion for investors and promote the timely implementation of MEOR technologies. Legal government support for MEOR technologies also refers to barriers to entry and scale-up, so governments should develop policies that support the technologies. The government can promote MEOR solutions in oil fields worldwide by providing permits for its implementation, licensing, and related rules. This factor helps in opening market opportunities and contributes to the extensive use of MEOR as one of the suitable oil recovery techniques that are cheap and efficient.
Challenge: Regulatory hurdles.
A major concern with MEOR developers is the existence and variation in governance structures regulating biotechnology and oil production in various countries and regions. Biotechnology, environmental policy, and occupational health and safety requirements could differ significantly from place to place, which creates global difficulties for those involved in implementing the MEOR solutions. Environmental regulations are especially sensitive in MEOR since microorganisms are introduced into the subsurface environment, thus implying the environment's ecology. Due to the activities involved in MEOR, there is usually a need for an extensive environmental impact study that entails risk assessment of regulatory agencies, such as the release of GMOs into the environment and the ability of those microbial communities to coexist with native microbes. Stakeholders also have been given significant attention in implementing biosafety standards and protocols to ensure the safe handling and disposal of microorganisms involved in MEOR applications. Several regulatory models may demand that MEOR developers avoid any repercussions by strictly following the general biosafety precautions to prevent the spread of GMOs in the wrong regions. Some of the permits the company may require may be obtained from local agencies, the state or even the federal government before permission to engage in field trials or commercial production. The permitting process can be cumbersome and draw out and require a considerable amount of time, which will postpone the MEOR technologies and cost more for the projects. In addition, risk and consistency in the regulation of MEOR across different jurisdictions pose challenges to entry into and investment towards MEOR research and development. This aspect means companies may not be willing to invest in MEOR projects where legal structure and policies related to MEOR still need to be clarified and restrictive; rather, companies would prefer areas where legal requirements are clear and friendly.
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Some of the major players operating in the global Microbial Enhanced Oil Recovery market are:
• BP
• Baker Hughes
• ConocoPhillips
• CNPC
• Cenovus Energy
• Chemiphase Ltd.
• Equinor ASA
• Gazprom Neft
• Halliburton
• Lukoil
• Micro-Bac International Inc.
• National Energy Services Reunited Corp.
• OMV Group
• PetroChina
• Royal Dutch Shell
• RAM Biochemical Inc.
• Schlumberger
• Statoil
• Total S.A.
• Titan Oil Recovery Inc.
• Weatherford International
Key Segments cover in the market:
By Type
• Ground Method
• Reservoir Method
By Application
• Onshore Oilfield
• Offshore Oilfield
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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