Refining Hydrocarbon Technologies LLC, USA
Title: New developments in oil and gas production and future developments
Biography: Amarjit Bakshi
Major advancement in oil and gas production has been in horizontal drilling for the last 25 years; other advancements have been in shale fracking which has released major oil and gas from tight formation. Though with the technologies we have, the recovery is 25 to 55 of the original oil in place (OOIP). With new technologies it is possible to recover 80 to 90 percent of OOIP. Shale fracking and horizontal drilling has revolutionized the fossil fuel and energy industry affecting the petrochemicals and refining industry profits. Shale fracking is coming to Argentina, Brazil, Poland, Slovak Republic, India and with all the Shale formations in China, it has the biggest potential. What is needed is new technology and looking outside the box; also in some countries geology and terrain is difficult. Hydraulic fracking with horizontal drilling might not work in Poland and other options like RHT technology is one of the option to provide solutions. Development of hydraulic shale fracking in USA for gas and oil production has brought major advantages to petrochemical industry with cheap gas to the steam crackers. This has increased the profit of petrochemical industry by reducing ethylene feedstock for petrochemicals. USA is now the net exporter of the gas and couple of terminals for LPG export have been built. With the low gas prices in USA, most of the shale fracking operators are working on wells which provide gas/oil, enhancing the economics and oil production more than it is in Saudi Arabia. The oil and gas industry is going through major shift; however, it does not mean end of oil and gas industry but changes are expected in major ways. Small amount of the energy market share is taken by alternate energy (wind mills, solar panels and alternate fuels, ethanol and biodiesel). Energy efficiency will impact the supply and demand.
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