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Ulviyya Poladova

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Advances in technology are creating new opportunities to significantly increase hydrocarbon recovery rates, with oil fields potentially achieving recovery factors above 50% and gas fields exceeding 70%, AzerNEWS reports, citing John Ardill, Vice President of Global Exploration at ExxonMobil.

Speaking during a panel discussion at the Baku Energy Week, Ardill highlighted the transformative impact of technological innovation on the energy industry, noting that ExxonMobil's experience demonstrates how new drilling and production techniques can unlock resources previously considered inaccessible.

As a global energy company with more than 145 years of history, ExxonMobil has been involved in the development of virtually every type of hydrocarbon resource. In recent decades, however, the company has increasingly expanded its focus on unconventional resources.

According to Ardill, the unconventional energy revolution began in the United States during the 1980s and 1990s with the development of horizontal drilling and hydraulic fracturing technologies. These innovations eventually spread to other producing regions around the world.

"ExxonMobil recognized the potential of unconventional resources around 20 years ago and gradually increased its investments in this sector," Ardill noted.

He also stressed that modern technologies are dramatically improving recovery rates and extending the productive life of oil and gas fields.

"The industry continues to push the boundaries of what is possible. Future technological advancements are expected to increase recovery rates even further," Ardill added.