A worldwide look at long-term trends reveals that new discoveries of conventional oil fields are declining while demand for oil is estimated to increase approximately 1.5% per year from the current levels of approximately 85 million bopd. A portion of the increased demand will be met by increasing supplies from non-conventional deposits but the majority will need to come from improved rates and recovery in conventional oil fields. Industry experience and performance to date indicates that while considerable opportunities exist, there will also be fundamental challenges facing our ability to increase light oil recovery. This means increasing attention on fundamental parameters driving increased field offtake rates and recovery factors. This paper will discuss both basic technical parameters that need to be addressed and the IOR/EOR technologies that can be deployed (or developed) to meet this challenge. It also covers the pros and cons of various types of enhanced oil recovery injection fluids. Attributes of enhanced recovery cost elements that need to be considered in fiscal regimes that are mutually beneficial to both host governments and the international partners will also be summarized.


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