Operators today face a two-fold challenge: the need to improve returns from their assets and mitigate the decline of new, major/giant field discoveries.
Mature fields account for over 70% of the world’s oil and gas production, with many in the secondary or tertiary production phases. The average recovery factor is 70% for gas and 35% for oil. Even smaller recovery rates are common due to geological characteristics, resource constraints, or operational inefficiencies from old technology. Increasing ultimate recovery in these fields, often with reduced resources, is a common dilemma. However, given the vast reserves remaining, every percentage-point increase in recovery could add two years to the global hydrocarbon supply.
Halliburton is successfully challenging the conventional thinking that improved and enhanced recovery activities are too costly and ineffective to be justified. Through our collaborative culture, we work with our clients to provide comprehensive solutions, “from insight to execution”, to maximize the value of their mature fields. Our innovative methodologies, combined with new techniques and technologies, are proving that revitalization activities can be economical, while increasing ultimate recovery by an average of 20% or more.