New Drilling Tech Could Unlock 5 Billion Barrels of Oil

Aug 14, 2024, 10:51 AM

A new breakthrough in drilling technology is poised to significantly impact global oil production by making it possible to safely access ultra-high pressure fields, including offshore locations. Analysts indicate that this advancement could unlock up to 5 billion barrels of previously inaccessible crude oil and add huge amounts of associated gas. This development comes amid discussions on peak oil demand versus peak oil supply, with some experts suggesting that peak demand will occur before peak supply. The technology is expected to benefit not only U.S. fields but also non-U.S. fields globally, potentially transforming the oil production landscape.