Posted on 10/21/2012 4:57:27 PM PDT by SteelToe
Daniel Yergin, a well known and recognized expert in the oil industry often states that most of the problems involved in producing more oil today are 'above ground and not below ground'.
To a great extent he is right, but I am sure that he would also agree that there is a lot of oil trapped in global oil fields and today's oil recovery technology has not been successful in recovering a significant portion of remaining original-oil-in-place. A significant percentage (an average of 65%) of discovered oil resources remain trapped and cannot be recovered using conventional methods and processes - until now.
A new revolutionary, proven, and proprietary Microbial Enhanced Oil Recovery (MEOR) technology developed by Titan Oil Recovery called the Titan Process® has proven after more than five years of working with multiple customers on their oil fields that it can recover a significant percentage (perhaps up to another 10%) of the unrecovered and trapped oil. This new oil is additional conventional oil production that the world badly needs. The Titan Process achieves this new production at a very attractive cost--under $10 per incremental barrel of oil. Based on estimates by the US Department of Energy referencing US oil fields and extrapolating to the worldwide oil industry, approximately 20,000 of the 70,000 existing global oil fields currently operating may be suitable for this type of recovery process. It might be appropriate to call this newly recovered oil, “new conventional oil”. Coupled with unconventional oil, the two forms of new production may have a significant impact on both US and global oil production.
(Excerpt) Read more at findingpetroleum.com ...
EPA head Lisa direction of her puppet master would say...
Oil Bad, Wind good.
When the idiots are running the game, no one wins.
I have actual experience with microbial enhanced oil recovery. Back in the late 80’s we did an experiment with Oklahoma University and the Department of Energy in a water flood that I have a working interest in. We were unable to get enough additional production to make it worthwhile.
That is not to say that it may not work in other places and as we learn more about it.
What would have been the oil price necessary for break-even production?
Your thoughts?
We produced 83 barrels for oil from the test well in about 6 months. From my rough estimate of cost of operating the well and associated injection wells at today’s costs would require a price of at least $500 per barrel to break even.
Like I said it did not work there, but every situation is different and I am sure the technolgy has improved so it may have value elsewhere.
Like I said it did not work there, but every situation is different and I am sure the technolgy has improved so it may have value elsewhere.
Thanks. We may get there in the next couple of decades, given how so many low cost sources are petering out. Fracking and off shore production are replacing some of it, but oil demand in developing countries continues to grow rapidly.
” Fracking and off shore production are replacing some of it, but oil demand in developing countries continues to grow rapidly.”
I question whether or not that horizontal drilling and stage fracking is sustainable even at today’s oil price of $90 per barrel. These wells are very expensive to drill and complete and I am hearing that they have some severe decline curves. The one thing I know for sure is they are way out of my league.
I have been on Titan’s web page doing a little research and their idea is different from what we were trying to do. I am usually suspect of what I call snake oil salesmen pitching a new idea that is going to double your production, but this may have some merit. I have referred it to the operator of our water flood, so we shall see what their opinion is.
Our earlier experiment was funded by the DOE, so we had little at risk since it was done in a part of the field that was no longer producing.
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