Wednesday, June 07, 2017

Saudi America – How New Tech Is Creating Another Oil Boom

Just when you thought there couldn’t be any more oil in Texas … new technology is about to unlock an extremely shallow field that is brimming with heavy oil that has been impossible to recover--until now.

Many oil companies have spent many millions of dollars trying to unlock this gem, but expensive steam injections weren’t efficient enough to make it competitive or economic, even if they had succeeded.

While steam injections cost $50 per barrel, the new technology lifts the oil at under $10 per barrel—an astounding savings, even if oil prices crashed to lows not seen since the late 90s ....