THE 19TH WORLD PETROLEUM CONGRESS ANALYSES THE CHASE FOR THE THIRD BILLION BARREL.

June 30th 2008

• The first round table tackles the increase of oil demand and
the technical and infrastructural options for its exploitation
and production.

During the 19th World Petroleum Congress, twelve round tables are being organised in which controversial topics about the sector’s current affairs are discussed. Within the first thematic block of the Congress, dedicated to Upstream, the first round table has taken place and has dealt with the theme “chasing the third billion barrel”. This round table reflects the perspective, opinion and concerns of the four expert participants in the area and the main issues to consider when searching, drilling and producing oil. Muhammad Saggaf (Saudi Aramco); Don Gautier (USGS); David Boone (Escavar Energy); Ashok Velan (Schulumberguer); and D. Khaled Buraik, Petroleum Engineer Manager, Saudi Aramco, Arabia Saudí, as moderator of the session.

During the meeting, there has been a particular emphasis on fundamental issues relating to the process of extraction and production of oil. The role of technology is fundamental in this sense, as it is necessary to continue to investigate the different processes involved and create infrastructures that allow the drilling of oil in geographical zones which have difficult access. (Poles and deep sea.)

The concern about the environment at times causes the adjustment of some of the production, extraction and refinement processes. In order to refine raw material such as oil, a substantial amount of natural resources such as water, for instance, is necessary. Technological advancements and research are the strongholds which will assist to reduce environmental damages.

The experts gathered at the 19th World Petroleum Congress have also put forward their points of view concerning the theme of oil reserves. The world has approximately one billion Standard Barrels (STB) of oil reserves, and one other billion has already been produced. As long as the energy demand continues to increase, our industry will have to identify and produce more oil in order to try and find that third billion. The discoveries, as well as the production, of future reserves bring about very specific problems. Oil that is easy to extract, has already been discovered. In order for the sector to face this challenge, it is essential to create and adapt new technologies in the areas of geophysics, perforation, production, and a better extraction of oil. This session has put forward the exploitation and production techniques that will lead to the discovery of the third STB billion of our oil reserves.