A senior exploration and production official from Saudi Aramco has told a US conference that the company is looking to improve its oil recovery rate by 20% over the next 20 years.
The US magazine Oil & Gas Journal (OGJ) reported that Amin H. Nasser, senior vice-president, exploration and production for Saudi Aramco told delegates at the Offshore Technology Conference in Houston that the state-owned energy giant currently has a 50% revovery rate, but wants it up to 70%. The company plans to achieve this using both enhanced recovery techniques and new technologies.
Nassar also said that Aramco wants to increase its reserves of oil to 900 billion barrels from the current level of 742 billion barrels to meet future energy demands.
“In the most optimistic scenario, world oil demand is placed at 125 million barrels per day (bpd) and this would require 15-40 million bpd of additional capacity and compensation for declining fields,” OGJ reported him as saying. Â
