Do you understand how many decades it took us to change 20% in traditional reservoirs to 30%, and tertiary methods to 40%?
This isn't something just waiting around for someone to take a look at it. It is a massive undertaking.
Well log data can be part of either production development or exploration, if I understand it correctly. If you are drilling in a new area, well log data is part of the analysis in finding commercial plays. It is also used to select the best drilling locations and the like for developing a play found to be commercial producing.
Do you understand how many decades it took us to change 20% in traditional reservoirs to 30%, and tertiary methods to 40%?
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My understanding is that oil drilling for the last 150 years before the current technological improvements — only extracted something like 10% of “oil in place”
This article suggests that current technology will pull out another 20% of “oil in place” — leaving something like 70% of the “oil in place” still in the ground.
What do we mean by “oil in place” We’ve had these discussions before. I believe it was you who mentioned that there was something like 400 billion barrels of “oil in place” in the baaken. But that commercially extractable oil represented something less than 10% of that number. As well, recent reports that there was something like 50 billion barrels of oil “in place” in the woodford cana formant ion did not mean that that much oil could be commercially exploited. Rather only some small fraction of that number was actually commercially drillable.