An additional 900 million barrels in the North Sea by raising recovery factor from only 42%

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John Robertson
An additional 900 million barrels in the North Sea by raising recovery factor from only 42%

Here’s a fact I’d never seen before. Using traditional methods, only round 42% of oil in a basin is extracted leaving 57% untapped. Improvements in technology so far have had little effect. However, the oil majors have been selling off their assets to smaller smarter companies who plan to raise the recovery factor dramatically. According to the Oil and Gas Authority, an additional 900 million barrels of oil could be extracted from the North Sea The report in the Evening…

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John Robertson
An additional 900 million barrels in the North Sea by raising recovery factor from only 42%