Old oil fits broad category with big supply potential

08/20/2012
Although new oil is much in the news these days, old oil represents big potential worth similar attention. New oil is what comes out of high-potential, low-quality formations considered, until recently, to be impossible to develop profitably. It’s new because its profitable production requires new technology—or at least new application of old technology. But old oil represents large potential, too. The “old” category is broad. One part of it includes small fields in mature production theaters, such as the UK Continental Shelf. Operators in the UK have invented ways to make latter-day use of platforms and pipelines installed to service the big old fields, now depleted or nearly so, that in...
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