The drilling industry is entering a world of new challenges and new technologies, said Dr Kurt Reinicke of the Clausthal University of Technology Institute of Petroleum Engineering in his keynote address at the World Drilling 2008 Conference. Global energy consumption has increased by 25% over the last 10 years, driven mainly by a growing population, economic growth and rising prosperity around the world. Demand will continue to rise, and oil and natural gas will remain critical energy sources for the near future.
Although there remains an abundance of resources to exploit, the time of easy oil is over, he said. Extracting the remaining hydrocarbons – reserves in deepwater, ultra-deep below the earth, the Arctic, EOR, heavy oil and bitumen, oil shales, etc – will become increasingly challenging and complex, requiring modern technologies at higher prices. Analysts, including the International Energy Agency (IEA), have already predicted a gap between supply and demand by 2030, he said.Read More »