BAKU, Azerbaijan, June 2. Recovery rate can exceed 50% in oil fields and - 70% in gas fields thanks to modern technologies, Vice President of Global Exploration at ExxonMobil, John Ardill, said at a panel discussion held on the second day of the Baku Energy Week, Trend reports.
According to him, ExxonMobil, a global energy company with over 145 years of history, is engaged in the development of all types of hydrocarbon resources. Ardill said that the company has expanded its activities, especially in the field of unconventional resources, in recent decades.
The vice president noted that the process that began in the U.S. in the 1980s and 1990s, with the development of horizontal drilling and hydraulic fracturing technologies, later spread to other basins. ExxonMobil adopted a strategic position in this direction about 20 years ago and has been gradually increasing its investments in unconventional resources since then.
The company representative said that the results achieved in this area have led to major changes, especially in the U.S. According to him, while in 2005 the U.S. was the world's largest importer of oil and gas, today it has become a major producer, and most of this growth has occurred due to unconventional resources.
Ardill emphasized that at the current stage, about 1.6 million barrels of oil are being produced in the Permian Basin daily, and this figure is planned to be increased to 1.8 million barrels in the near future.
"This experience shows that with the acceleration of technological development, the time for changes is also shortened. If earlier this transformation took 20 years, now it can happen within 5-10 years," he explained.
The company official noted that deep-sea projects are also an example of this trend, and regions such as Guyana are setting new records, leaving Angola behind.
According to him, three main factors are important for the development of unconventional resources: a suitable geological environment, technological capabilities, and favorable commercial conditions.
Ardill said that thanks to modern technologies, the recovery factor in oil fields can be above 50%, and in gas fields - above 70%.
"Currently, this indicator in the Permian Basin is around 68%, but in the future, this figure is expected to increase further with the development of technologies," he noted.
He added that increasing production can significantly extend the life of the fields, and this also affects the company's international strategy.
"We look at these rocks through the prism of both existing and developing technologies. The goal is to increase production efficiency and create long-term value," the ExxonMobil official stressed.
