Exxon, together with various other companies, has spearheaded innovative techniques engineered to extract more oil from U.S. fields. This strategic feat meets a dire necessity as some of the country's most productive oil fields teeter on the brink of exhaustion. Yet, as with any solution to a complex issue, potential complications arise - the full realization of these newer methods could be fraught with challenges.
1. Exxon, alongside other companies, has introduced innovative techniques to extract more oil from U.S. fields in response to the impending exhaustion of the country's most productive oil fields.
2. These new techniques pose potential complications and challenges, which might affect the industry's ability to sustain the same rate of extraction in the future.
3. Companies have historically used advanced technologies like hydraulic fracturing and horizontal drilling to access previously unreachable reserves.
4. To extract more oil from old fields, companies often use secondary and tertiary recovery programs, which involve injecting substances like carbon dioxide, steam, or water into the reservoir. This is a complex and costly process.
5. As these fields age, daily production may decrease substantially, casting doubt on the industry's future viability. Therefore, the exploration of sustainable alternatives has emerged as an urgent necessity.
In 2020, Exxon Mobil produced an average of 2.3 million barrels of oil per day, which accounted for nearly 3% of the world's total production.
Challenging to sustain the same rate of extraction in the future. Over the years, these companies have employed advanced technologies like hydraulic fracturing and horizontal drilling to tap into previously inaccessible reserves. Extracting more oil from aging fields often involves such techniques, along with secondary and tertiary recovery programs. These include injecting carbon dioxide, steam, or water into the reservoir to push out the trapped oil, which can be a costly and complex process. But as these fields continue to mature, the number of barrels produced per day could likely decrease significantly, casting shadows on the industry's future viability in a rapidly changing energy landscape. What is certain is that sustainable alternatives urgently need to be considered.