Chevron Former CEO Says new Technology Will Produce Plenty of Oil

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ewilkerson's picture
ewilkerson
Status: Gold Member (Offline)
Joined: Jul 18 2010
Posts: 390
Chevron Former CEO Says new Technology Will Produce Plenty of Oil

I just read an article by the former CEO of Chevron  on the Oil Drum and originally from the Wall Street Journal..  He claims where they used to bring 20-30 barrels to the surface per 100 barrels in place they can now bring around 80 barrels.  My first question is this true and, secondly, why is this technology not spreading everywhere staving off Peak Oil?

http://online.wsj.com/article/SB1000142405274870401360457624888141724650...

 

Ernest

leo0648's picture
leo0648
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Joined: Oct 6 2008
Posts: 48
First of all, steamflooding

First of all, steamflooding isn't a new technology as that article suggests.  Second, steam flooding is only used in fields that have highly visous oil.  Steam facilities are fairly large operations and expensive to operate which is why he says that higher prices will lead to more production.  There are other flooding technologies such as CO2 and polymer flooding which are more common than steamflooding.  These technologies can also recover 50-60% of OOIP, but again, the fields must be floodable and companies must have the incentive to start such projects.

 

ewilkerson's picture
ewilkerson
Status: Gold Member (Offline)
Joined: Jul 18 2010
Posts: 390
Thanks Leo.  I had a

Thanks Leo.  I had a feeling there was some BS in there.

r101958's picture
r101958
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Joined: Aug 24 2008
Posts: 257
I believe there is a second

I believe there is a second issue with this technic (although I may be wrong, so correct me anybody who knows better). The issue is that it pushes production forward in time (as compared to conventional methods) so that when that particular field peaks the decline of output on the other side of peak is much more precipitous than it would be if only conventional procedures had been used.

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