New oil production technology tested

peakoil.com -> science.monstersandcritics.com :

A technology developed with U.S. Department of Energy funding has revived oil production in two abandoned oilfields on Osage Indian tribal land in Oklahoma. Officials say the technology can potentially add billions of barrels of additional domestic oil production in declining fields.

The Department of Energy said production has jumped from zero to more than 100 barrels of oil daily in the two one of which is more than 100 years old. That success suggests the method might be able to revitalize thousands of other seemingly depleted U.S. oilfields. The new technology, initially proposed by Grand Resources Inc., an independent oil producer based in Tulsa, Okla., involves the use of horizontal well waterflooding.

- 100 bpd isn't that much. The Saudi's are already using horizontal wells and also water-floods. Not sure what's so new about it.

I'm tracking a couple of companies using these tertiary, or enhanced oil recovery (EOR) techniques on old fields. But with the trust fund bust going on in Canada due to the new upcoming tax regulations, the exit strategy of some of these companies is in doubt.

(2006-12-08 13:30:45 SGT) [Energy] Permalink

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