Oil barons turn to hi-tech solutions

Rising energy costs and uncertain reserves are prompting the oil industry to look to technology to increase output from existing fields and find new sources.

The industry is gearing up for higher prices and is trying out new technological methods to extract the maximum from each well.


Most fields yield only 35 per cent of their oil, but Saudi Aramco has raised that to 50 per cent using technological innovation and is aiming for 70 per cent by 2027.

“Renewable energy is being developed but the world will have to rely on traditional carbon-based sources of fuel for the next 20 years,” said Dr Muhammad Saggat, manager of Saudi Aramco’s Exploration and Petroleum Engineering Center.

“We want to expand output by 180 billion barrels in the next 20 years, and increase recovery from 50 to 70 per cent.

“These are not hopes, they are concrete targets. Technology will play a critical role in increasing recovery and discovery of new fields.”

vnunet.com