AAPG Latin America and Caribbean Region Geoscience Technology Workshop

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The Equinor IOR journey

Abstract

Most people probably think of exploration as the main way of finding more oil and gas resources—but in fact, getting more out of existing fields by improving recovery rates (IOR) is just as important. Our continuous innovation has made us a world leader in increasing oil and gas recovery. On the Norwegian continental shelf (NCS), we have increased the average oil recovery rate on our fields to 50%, well above the worldwide industry average of 35%. Accessing the last barrels is more expensive and energy consuming than the first. We have a steep learning curve ahead of us, which will get even tougher for every increase we achieve. However, we are determined to achieve success—these volumes are of high value to us as a company, and to society through prolonged ripple effects from the industry.