British Petroleum official eyes 60-70% levels compared to current 30-40%
British Petroleum (BP) is planning to raise recovery rates from oilfields in Abu Dhabi to 60-70 percent from the current level of around 30-40 percent, according to a senior official at the British oil giant.
Speaking on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference, Salem bin Ashoor, general manager and chief representative of British Petroleum UAE, said: "We can see the opportunity in the long run to boost recovery rates from oilfields in Abu Dhabi to 60-70 percent."
The official added in comments published by state news agency WAM that the British oil company is "maximising recovery from some of the world’s largest reservoirs and from maturing fields such as in Azerbaijan, Iraq, Russia and the US".
"We are working with ADNOC and our joint ventures to maximise resource discovery and recovery through the application of our global expertise and upstream technology. This includes the need for smart and tailored technology to maintain the plateau production rate in giant fields, such as enhanced oil recovery and technologies," he said.
In December, BP cemented a seven-decade relationship by swapping about $2.2 billion of its own shares for a stake in one of the emirate’s largest onshore oil concessions.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.