The bad news is that we do not know how to economically extract the rest
This is because the typical recovery for an oil field is only around 30% of the oil in the ground. In very good situations we can get to 60% but this is not the norm. I will not get into the details why as am simply intersted to raise the awarness.
That is why we need a Tesla or a Graham Bell to figure out this puzzle of how to economically maximize this Recovery because as you see by the percentages, we leave a hell of a lot it in the ground.
The first Major oil company that I worked for was ARCO Oil and Gas. ARCO had a large laboratory in Plano, Texas. Then with time as ARCO's sorry ass ability to find new oil got it in trouble, the lab was slowly reduced and finally taken completely out of research work. The same trend was going on with the other oil companies. Get out of Research.
To increase this recovery should have been a National Priority had we had people in a gov. with the forsight to do this instead of trying to develop a Star Wars System.
Perhaps we need to set a prize such as the X-Prize which would give people the drive to innovate as in the business environment innovation is frequently mentioned on management slides but not encouraged amongst the troops if it doesn't immediately show results.
Leaving 70 - 40 % of the oil in the ground is a Big Prize
Is Mr/Mrs Graham ready to pickup their prize?






