SPE: Oil recovery takes NOC, IOC, service company collaboration

Recovering the world’s remaining oil resources will require a collaborative effort of national oil companies, international oil companies, and service companies, according to Mohammed Al-Qahtani, executive director, petroleum engineering and development of Saudi Aramco.

Guntis Moritis
OGJ Production Editor

NEW ORLEANS, Oct. 6 -- Recovering the world’s remaining oil resources will require a collaborative effort of national oil companies, international oil companies, and service companies, according to Mohammed Al-Qahtani, executive director, petroleum engineering and development of Saudi Aramco.

Al-Qahtani made his comments Oct. 5 at the SPE Annual Conference & Exhibition in New Orleans.

Al-Qahtani said the world still had considerable amounts of oil to recover. His estimate was that about 4.7 trillion bbl remained to be produced. This includes about 2 trillion bbl from reserves additions and exploration, 1.5 trillion bbl from nonconventional resources, and 1.2 trillion from new technology, he said.

In addition, he noted that the world would need an additional 90 million b/d to offset declines in existing oil fields to reach a 125 million b/d level by 2030. Current world production is about 80 million b/d.

Contact Guntis Moritis at guntism@ogjonline.com.

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