New technologies may unlock more Mideast oil

Recently developed technologies will help find and extract more crude from the Middle East, the world’s richest-oil region, according to oil ministers and executives.

“Raising average conventional oil recovery from 35 per cent to 45 per cent” by using new techniques in the Middle East and around the world “could add some 20 years of current production,” Brinded said during an earlier speech at the conference.

The Middle East holds 62 per cent of the world’s proved estimated oil and gas reserves, or 733.9 billion barrels, according to BP PLC’s (BP) annual statistical review.

khaleejtimes