The global enhanced oil recovery market size was valued at USD 46.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2020 to 2027. An increasing number of aged wells along with decreasing production from existing oilfields is expected to drive the market over the forecast period. The enhanced oil recovery (EOR) technology enhances oil production from mature and aged oil fields, by almost 10 to 20% as compared to the conventional oil extraction methods. Mature wells are those oil reserves where production has reached its peak and has started to decline owing to poor permeability or exhibit heavy oil. Technically, EOR increases the permeability of the reservoir so that hydrocarbons can flow through the pathways easily and into the targeting producing well.
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