Companies seek to boost oil recovery with technologies

07/11/2014 | Reuters

Despite the projected $1 trillion global investment in oil exploration, major oil companies are seeing declining rates in discoveries and new oilfield developments, along with increases in exploration and production costs, according to this article. Companies are looking to offset that by using technological advances to enhance oil recovery rates from mature conventional fields. Injecting new chemicals to extract oil and using computer geological modeling have driven more than 50% in recovery, said Matthias Bichsel, director of projects and technology at Shell.

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