Technology the key

Claude Mandil, executive director of the IEA, dismisses the notion that global oil production has peaked and observes that “technological progress has always been the key factor to prove the doomsayers wrong.”Of the postulated 18.5 trillion BOE remaining to be found, about half of it can now be recovered with today’s technology, Mandil says. Click here to enlarge image“There is no shortage of oil and gas in the ground,” Mandil says. “But quenching the world’s thirst for them will call for major investment in modern technologies.”Key technology challengesManaging the enormous volumes of data in the exploration business today is one of the ke...

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