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Although the world is turning to renewables as a clean alternative source of energy, reliance on oil is expected to continue for more decades. Enhanced oil recovery (EOR) is an efficient way to recover oil after implementing initial methods. Alkali–surfactant–polymer flooding (ASP) has acquired much interest together with nano-fluid that involves using nano metallic oxides in EOR. Nanoparticles have proved their effectiveness in reducing interfacial tension at the interface between the oil and water and have been used with water, polymers, surfactants, alkaline, or a mixture of these components. Incremental oil recovery from applying ASP floods has exceeded 20% OOIP, and this is considered promising performance for unlocking oil reserves for many years to come. Despite that, ASP flooding nowadays faces big challenges presented by fluctuating oil prices, scaling and corrosion of the lifting system, and the formation of relatively strong emulsions that need high-cost treatment after oil production. This review emphasizes ASP flooding and the ASP flooding and the implementation of nanoparticles in extracting more oil using different chemical agents and sheds light on improving the recovery ratio. This study also explains the challenges that face each process and the steps that should be taken in order to overcome these challenges. [ABSTRACT FROM AUTHOR]