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    MNL73

    Future Direction in Oil and Gas Exploration and Production

    Published: Sep 2016


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    Abstract

    The energy industry played an important role in shaping the 20th century and remains a major force driving economic development well into the 21st century. Hydrocarbons are an important commodity rather than being a luxury in our lives. Recently published data indicate that roughly 55–60 % of the world's energy demand is met by oil and natural gas resources. Serious concerns remain, however, that an increase in production cannot really cope with the increase in the global demand, at least at the current cost and price range. Those trends force energy companies to search for hydrocarbon resources in deeper and tighter formations, such as arctic and deepwater, and to look for opportunities for extracting hydrocarbon resources from extremely tight formations, such as shales, which would have been hard to imagine a decade ago. In addition, a significant number of oil companies at all sizes are now looking into enhanced oil recovery (EOR) deployment opportunities in different parts of the world. Significant growth in global energy demand and technical challenges associated with extracting hydrocarbons from deeper and tighter formations as well as the cost intensity of the EOR projects will force the oil industry to become more technology and innovation oriented in the next few decades. Regrettably, oil is a nonrenewable energy source and finite. Technically and economically feasible oil will inevitably run out. The current debate is how much longer these fossil fuels will continue to be the dominant energy source of the world.

    Keywords:

    hydrocarbons, petroleum, reserves, unconventional oil and gas, shale, hydraulic fracturing, EOR, CO2, 4D seismic, WRFM, technology, innovation, geopolitics, climate change, CCUS


    Author Information:

    Suicmez, V. S.
    Maersk Oil Danish Business Unit, Copenhagen,


    Committee/Subcommittee: D18.26

    DOI: 10.1520/MNL7320150001