Technology to enhance production from existing North Sea fields will be the key to sustaining production in an era of low prices, an oil company chief has claimed.
Pierre Jungels, chief executive of Enterprise Oil, said last week that if oil prices stay at around $12 a barrel, investment would need to concentrate on new technologies to extract more oil from known discoveries.
‘Technology will restore margins’ he said. ‘Multi-lateral drilling, 4D and even 5D seismic techniques will allow us to exploit existing fields.’
Energy Minister John Battle said many applications in the 18th Offshore Round earlier this month were to re-explore or re-appraise previously licensed acreage with up-to-date technology.