Latest Technologies Can Raise Arab Oil Reserves: OAPEC
Posted on: Wednesday, 12 October 2005, 09:00 CDT
Latest technologies can raise Arab oil reserves: OAPEC
KUWAIT CITY, Oct. 11 (Xinhua) -- The Organization of Arab Petroleum Exporting Countries (OAPEC) said using latest petroleum extraction technologies will raise oil reserves volume in its member states.
The OAPEC said in its October bulletin that the volume of confirmed OAPEC oil reserves are 650 billion barrels, while its geological oil reserves are 2,420 billion barrels.
The confirmed OAPEC reserves, with the exception of natural gas, account for 59 percent of world reserves.
It said the 2,420 billion barrels of geological reserves, applying the current production methods through pumping water and gas, will leave around 1,516 billion barrels underground.
Experts believed the confirmed reserves may be higher by as much as 15 percent, through utilization of the latest technologies and methods in the field of exploration and production, increasing OAPEC's confirmed reserves by another 300 billion barrels.
At least part of the reserves may be targets for extraction methods such as the injection of vapor to increase oil liquidity, burning some crude oil within the well, injecting gases such as hydrocarbon, carbon dioxide and nitrogen or using chemical methods for increasing oil flow.
OAPEC added that according to estimates of the French Petroleum Institute, the added cost of using such extraction technologies would be between 2 to 12 US dollars per barrel, which would be less than the cost of exploration and production in difficult terrains.
The economic logic indicates that it is important to give priority to extraction investments so as to increase the world's confirmed reserves.
Energy projects around the world using petroleum extraction technologies by the end of 2004 was estimated at 2.5 million barrels per day.
Source: Xinhua News Agency - CEIS
Related Articles
- TAG Oil Completes Acquisition of Trans-Orient Petroleum Ltd.
- ZyGEM Corp. Signs Agreement to Incorporate Its Breakthrough DNA Extraction Technology Into Rubicon's Research and Diagnostic Products
- Commonwealth Biotechnologies Presents Data at Forensic Sciences Meeting Confirming Benefits of ZyGEM's DNA Extraction Technology
- Research and Markets: Canada Investment in Non-Conventional Oil and Gas Extraction Will Hit C$19.7 Billion (US$19.56 Billion) in 2008
- Offshore Australia Garfish-1 Well Spuds With 2 More Wells Planned on ACOR's ORRI With Proven Reserves of Approximately 350 Billion Cubic Feet of Gas
- Raytheon Sells Heavy Oil Extraction Technology to Schlumberger
- Examine the Market for Oil and Gas Extraction in the US With New Report
- Nevtah/Black Sands Energy Showcase Proven, Patented, Closed-Loop Oil Sands Extraction Technology at Benchmark Presentation in Utah
- Nigeria's Oil Reserves to Hit 40 Billion Barrels in 2010
 |
 |
User Comments (0)
RSS Feeds