Aramco pursues 70% oil recovery rate

Saudi Aramco wants to improve its oil recovery rate to 70% from 50% over the next 20 years by focusing on enhanced oil recovery (EOR) techniques and other new technologies, said Amin H. Nasser, Aramco senior vice-president, exploration and production.

Nasser told delegates May 4 at the Offshore Technology Conference in Houston that the company wants to expand its resources from 742 billion bbl to 900 billion bbl to address the world’s future energy needs. “In the most optimistic scenario, world oil demand is placed at 125 million b/d and this would require 15-40 million b/d of additional capacity and compensation for declining fields.”
OGJ