The majority of oil fields only produce a fraction of the oil contained in the reservoir. Enhanced Oil Recovery (EOR) assists to maximize the oil reserves recovered, extend the life of fields, and increases the recovery factor through external input of chemicals or energy.
EOR is an important tool for firms helping to maintain production and increasing the returns on older investments but is often costly and uneconomic.
But when economical it can provide equivalent or lower cost barrels when compared to new greenfield developments. EOR will continue to be an important technology to increase the value of the late life assets and as new techniques evolve EOR will play a greater role in the global supply of oil.