Oil & Gas Leaders Swap Ideas to Boost Recovery Rates in Unconventional Formations
DENVER, COLORADO--August 27, 2014--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Increasing recovery rates in unconventional formations could add enormous amounts of oil and gas to U.S. reserves. At the oil & gas industry's current 5% average recovery rate, the nation's four largest oil-prone unconventional formations--Eagle Ford, Bakken, Permian and Niobrara--have about 42 billion barrels of recoverable reserves. But increasing recovery rates by 20%--from 5% to 6%--would boost reserves by 8.3 billion barrels.
Within this article: Details on recovery rates and their impact on the Oil & Gas Industry, with comments from attendees at the Unconventional Resources Technology Conference (URTeC) in Denver, including those from such companies as SM Energy Company (NYSE:SM), Chevron Corporation (NYSE:CVX), IHS Incorporated (NYSE:IHS), Continental Resources Corporation (NYSE:CLR), Newfield Exploration Company (NYSE:NFX), EOG Resources Incorporated (NYSE:EOG), Noble Energy Incorporated (NYSE:NBL).
