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Technology Forum Announcement
February 10, 2004
The drastic increase in oil prices in the mid-1970s led to incredible euphoria about the promise of enhanced/improved oil recovery. We thought that the technology was there and the economic conditions were just right. Some 20 years later, we see that the EOR production is a little over 700,000 B/D in the U.S.A. instead of the projected millions of B/D, even though the oil prices are much higher than those used in some of the predictions. Canada has fared slightly better in a relative sense. What went wrong? Basically two factors: first, some of the recovery technologies then considered to be promising were not ready for large-scale field application, for various reasons; and second, the research effort took a nose dive so that today the industry has virtually relinquished long-range research in preference to overseas investment in new oil fields. For example, much effort was expended in chemical and miscible flooding, shale oil recovery, and underground coal gasification, as well as other ideas, with very little return. All this has an ominous ringworld oil production has peaked, while the consumption is rapidly rising. What should be done? Greater participation of the government in the research effort is needed. What lies ahead? For status quo, eventual chaos.
We hope to see you on January 13th and Click Here to see complete calendar for future Forums.
For additional information, please contact: Rick Finken (310) 540-1450, Rdfinken@aol.com