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The Minister of Energy for the UAE has urged the hydrocarbons industry to continue investing in new technologies to further enhance recovery from the world’s oil and gas reservoirs.
Speaking at the International Petroleum Technology Conference (IPTC) in Doha, Qatar, Mohamed Al-Hamili called for “integrated efforts and synergy between the producing and consuming countries, and the companies which conduct research and develop production technology”.
Hamili also cited the massive improvements made to recovery percentages in recent years.
“We should not forget that the percentage of oil production from reserves did not exceed 35% in the past. Whereas, by virtue of the modern technology, it has gone up to 50%-60%, and according to many experts, it may even reach 80%, if current technology is developed further,” Hamili said.
“The fact that half of the used energy is lost during transforming to useful forms of energy, would make us perceive the major and vital role technology can play in improving usage as well as production efficiency.”
Hamili also called on oil producing countries to assign a significant part of revenues to invest in research, exploration, and in establishing home technology, to ensure energy supplies to consuming countries.
“The world puts almost complete reliance on the fossil energy, which represents 80% of the energy in use today. We have to address major challenges. This fact requires managing science and technology to make current energy more favourable for environment, and to develop alternative energy options to add more economic value to energy and to become safer and more sustainable,” he said.
The IPTC runs until Wednesday December 9.
