New Drilling Technology To Unlock Almost 5 Billion Barrels of Oil

A new High-Pressure High-Temperature (HPHT) technology now makes it possible for operators to access reservoirs with bottom hole pressures of 20,000 psi (pounds per square inch). Previously, operators could only drill to reservoirs with bottom hole pressures of about 15,000 psi. This new technology will enable oil & gas companies to now access reserves that were not previously accessible. It is estimated the new technology could unlock up to about 5 billion barrels of oil that were known but not previously accessible.

Utilizing this new technology deployed in drill ships from Transocean and NOV Dril-Quip, Chevron reported it has pumped first oil from its Anchor well, at depths of 20,000 psi pressures in the Gulf of Mexico.

“These ultra-high pressure fields are going to be a big driver for production growth in the Gulf of Mexico”, said Mfon Usoro, analyst at Wood Mackenzie.