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Upstream firms eyeing unconventional methods
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Saturday, 01 Dec 2012
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Trade Arabia quoted a top Bahrain government official as saying that with the renewed need to boost production to meet increasing demand upstream petroleum industry worldwide is venturing into unconventional initiatives to extract additional barrels of oil from complex reservoirs.

Mr Shaikh Ahmed bin Mohammed Al Khalifa finance minister and minister in charge of Oil and Gas Affairs said that "Most of the oil wells in the Bahrain Oil Field utilise artificial lift systems which contribute to a considerable volume of oil production from the field. The lifts used include continuous and intermittent gas lifts and sucker rod pumps."

Global exploration activities and the Middle East's potential in advancing the oil and gas sector formed the highlight of the conference on accessing unexploited reserves. With the renewed need to increase production to meet increasing demand, the world's upstream petroleum industry is venturing into unconventional initiatives to extract additional barrels from complex reservoirs.

Growth rates for the oil and gas sector continue to expand, said the minister. Oil demand will touch 99.7 million barrels a day by 2035, from 87.4 million barrels a day last year.

The global economy is expected to slightly improve, he said quoting International Monetary Fund estimates that the Middle East and North Africa region will grow at 5.1% this year and 3.6% in 2013. There in an increased focus worldwide on accessing difficult reserves, including existing developed wells and modernizing systems.

Engineering solutions are being developed to maximize production and minimize operational cost while attempts are being made to train enablers and form strategic alliances between operators and service providers.

Bahrain's Tatweer Petroleum has entered into a joint exploration venture with Occidental Petroleum of the US and the UAE's Mubadala, to boost oil production.

Source – Trade Arabia

(www.steelguru.com)

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