Promise of Reduced Oil Prices With New Extraction Technique

By Anonymous

The Advanced Energy Consortium (AEC) and Houston, Texas-based Seismic Micro-Technology Inc. (SMT) recently announced findings that nanotechnology could have positive implications for the energy sector. The findings were presented by Scott Tinker, director of the AEC, at the first quarterly Geoscience Technology Executive Speaker Series held in Houston in April. To an exclusive group of oil and gas industry executives, Tinker reported that while nanotechnology has been used in hydrocarbon exploration in the last 50 years, research in the last decade improves its application in oil and gas, making it a more viable means for subsurface exploration.

“If we can build really small stuff, we can do a lot,” he said, in relation to geoscience.

“Nanotechnology combines applied physics, materials science, chemical, electrical and mechanical engineering to produce advanced materials and devices in new ways and in new scales,” said Tom Halbouty, vice president and chief information officer of Pioneer Natural Resources, commenting on the announcement. “Clearly, the nano sciences will impact the future of the oil and gas industry by improving our ability to illuminate and monitor reservoirs, advancing our drilling capability via better fluids and stronger materials and enhancing our production capability by lowering emissions through advanced catalysts and improving production equipment reliability.”

“Initiatives such as AEC and SMT’s speakers series are needed to move nano science forward and further engage our industry,” added Halbouty, who has supported several nanotechnology initiatives coordinated through the state of Texas.

The AEC and SMT joined forces with the Oil and Gas Financial journal to develop this series of geoscience technology forums and bring together leading oil and gas executives and technical experts, the organizations said. The goal is to increase awareness while discussing and developing new technologies to help solve some of the industry’s biggest challenges, such as extracting more oil and gas from existing reserves, the companies’ representatives said.

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Copyright Compass Publications, Inc. Jun 2008

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