Offshore, IOR best hopes for stemming Canada’s conventional oil decline

New frontiers in offshore exploration and in improved oil recovery (IOR) technology offer the best hope for slowing the decline in Canada’s conventional oil production.The consensus that Canada’s oilsands production boom will more than offset declines of the nation’s conventional oil production in that country is of little solace to most Canadian oil producers.Conventional oil production in the Western Canada Sedimentary Basin (WCSB)-the backbone of Canada’s oil production for 50 years-has been in decline since 1997 as reservoirs there have matured. According to the Alberta Energy Research Institute (AERI), the decline in Canada’s conventional oil production ...

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