Quest Oil Corp reported the official start of the company's revitalization and the commencement of its new Enhanced Oil Recovery (EOR) Initiative. The Company is actively negotiating for the acquisition of a number of oil production properties and related technologies that will both increase production of properties and provide licensing revenue through the use of its technology by third-party producers.
The global market for ERO, estimated by SBI Reports, a leading industrial market research reporting group, to be at more than $126.02 billion in 2011, has shown exciting growth since 2007, when the market totalled $54.96 billion. Technological challenges, hazy regulations, and high implementation costs have often been inhibitory to EOR projects, but this is quickly changing. Government interest and generous investments are helping to spur new developments in technology.