Union Petroleum Minister M Veerappa Moily said technology and capital intensive interventions have the potential to give new lease of life to the matured fields and improving recovery factor. He said this while making the inaugural address at the third IEF NOC-IOC Forum.
Even from producing fields, India’s recovery factor is in the range of 25-33 percent whereas fields in North Sea or in Gulf of Mexico of same vintage have recovery factors of over 40 percent, the minister said.
Secondary and tertiary recovery technologies now boast of a recovery factor of 60 percent to 75 percent, he said while addressing the forum in New Delhi.
He added India has huge resource base but a huge volume of these reserves has not been exploited yet. India has total prognosticated resource of 205 billion barrels of O, out of which only 68 billion barrels has been established as in-place volume. Out of 26 basins, exploration is yet to be initiated in 11 basins, the minister said.
Technology & innovation has made it possible to scale inaccessible, hard to visualize, uneconomical frontiers and unconventional. Unconventional is fast turning into game changers. Frontiers like Deep & ultra-deep waters, Arctic, unconventional have become ‘Hot Spots’, the minister said.
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