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Chevron Forms Research Alliance to Develop Next Generation of EOR Technologies
9 July 2007
Chevron Corporation has formed a research alliance with The University of Texas at Austin to develop new technologies to increase the amount of oil recovered from mature and challenging reservoirs.
Under the alliance, Chevron Energy Technology Company, a Chevron subsidiary, will provide up to $5 million over the next five years to The University of Texas at Austin’s Center for Petroleum and Geosystems Engineering. The joint research initiative will focus on non-thermal enhanced oil recovery (EOR) technologies, including surfactants and polymers that target oil trapped and bypassed by conventional recovery methods, and numerical models that accurately simulate enhanced oil recovery processes.
Conventional production methods have typically recovered about one-third of the oil in place from light oil reservoirs, so applying advanced technologies to increase recovery factors can be an important source of reserve and production growth from existing fields.
—Don Paul, vice president and chief technology officer, Chevron Corporation
Most oil in existing fields cannot be recovered using conventional technology, yet the volume of this oil is greater than all the conventional oil reserves known to exist globally.
—Dr. Larry W. Lake, chairman of the Department of Petroleum and Geosystems Engineering
July 9, 2007 in Brief | Permalink | Comments (1) | TrackBack (0)
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Comments
It's sort of like investing in carriage horses in 1900. Sure you squeeze the fading revenue from a shrinking market - but you are still the dinosaur business.
Posted by: gr | Jul 10, 2007 11:01:45 PM
