With in oil output to 940,000 barrels a day, Colombia requires EOR techniques to enhance oil production and stop imports within the country

Colombia: According to Colombian Oil Association, the country needs to attract an annual investment of USD7 billion a year so as to stop the sharp decline in production. This investment would further help the nation to bolster the oil exploration thereby avoiding the sharp drop in the oil production which would result in importing crude oil from other countries. The loss in oil independence would hamper the employment rate and fiscal accounts of Colombia as the bulk of government revenue comes from taxes and royalties from oil companies.

TechSci Research depicts that the rising investments into the exploration and production activities as well as increasing deployment of EOR techniques would improve the growth of global enhanced oil recovery market over the coming years. The fall in prices of crude oil over the past few years has adversely affected the profit margins of oil field operators across the globe. To overcome the negative effects of decline in crude oil prices and increase in the number of mature oil wells, EOR techniques are being increasingly employed to increase productivity.

According to released report of TechSci Research “Global Enhanced Oil Recovery Market Forecast & Opportunities, 2020”, the global enhanced oil recovery market is projected to witness growth of around 8% through 2020. Enhanced oil recovery market is expected to grow in regions where the cost of exploration of new reserves would be much higher than the cost of implementation of enhanced oil recovery. Increasing consumption of crude oil across the globe would be another factor that would drive the global market for enhanced oil recovery. Moreover, market growth is expected to be majorly concentrated in North America, South America and Europe through 2020.