Sunday, March 08, 2009

Chevron's Latest

From The Financial Times, comes this article on a test of new technology that may unlock the production of additional heavy oil in Saudi fields. Read the article carefully. This is no panacea and note that Chevron's share of the field amounts to 4%+ of its global production. The technology works, but the geology of the fields where it is successful is different than the one Chevron will be testing. There are no guarantees.

The point of peak oil has been that the easy to reach stuff is mostly depleted, the rest is going to be harder and more costly to get out. This article reinforces that fact.

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