According to ARPA-E (Advanced Research Projects Agency-Energy) Program Director Doug Wicks, oil and gas companies typically explore and extract from newer basins of reserves, leaving older ones untouched. This is due to the fact that the exploration and extraction processes become more difficult and costly as the reserves age. It is in these older reserves that the agency sees potential for breakthrough technologies to be developed through their research and development programs.
1. Oil and gas companies generally focus on exploring and extracting from newer basins, while leaving older ones untouched due to the difficulty and cost of extraction as reserves age.
2. The ARPA-E sees potential for breakthrough technologies in the research and development of older reserves.
3. Doug Wicks highlights the importance of exploring untapped sources of energy and points out that oil and gas companies primarily extract resources from relatively young basins.
4. The USGS and industry should prioritize the identification and utilization of new, unexplored areas to meet the increasing energy demands of a rapidly evolving world.
5. Exploration and extraction processes become more challenging and expensive as reserves age.
ARPA-E has funded over 300 projects focused on developing breakthrough technologies for oil and gas exploration in older reserves.
Wicks emphasizes the importance of exploring untapped sources of energy, pointing out that oil and gas companies often focus on extracting resources from relatively young basins. In contrast, the USGS and industry need to prioritize the identification and utilization of new, unexplored areas, in order to meet the increasing energy demands of our rapidly evolving world.