During the last 18 months, the economic climate and oil prices have been the primary focus for much of the industry, but technology has gained prominence.Oil and gas companies in the Middle East are urged to accelerate their R&D efforts to tackle challenges facing the industry. With most of the easy oil already discovered, making it harder to find and produce hydrocarbons, the industry needs to boost investments in R&D.Producing future barrels will require tackling complex issues that are technological, environmental and economic. This requires developing new technologies and better EOR methods for carbonate reservoirs, aiming to increase the recovery factor to at least 70%. Increasing EOR rate is a key objective for oil and gas companies’ R&D centers, but the goal could be hampered if oil prices slump.
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Source: Daily Dose of ShaleDirectories.com News