GLOBAL OIL RESERVES-1: Recovery factors leave vast target for EOR technologies

Since 2003 prompt and long-term oil prices have been constantly climbing to levels ($70-90/bbl) that have caught many people by surprise. The erosion of large spare capacity in the oil chain and the perception that surging demand1 2 will eventually outpace supplies are the two key commonly cited fundamental reasons for the escalation in prices.At the heart of the argument is that global oil resources are scarce and stretched, hence the industry will struggle to deliver incremental supplies. This consensus view is underpinned by several themes: limited access to some hydrocarbon rich regions, two decades of a sluggish worldwide exploration record, poor expectation of finding new oil provin...

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