ExxonMobil Plans to Double Oil Recovery in Permian with New Tech
July 2023 David Brown, Explorer Correspondent
ExxonMobil’s top executive wants his company to double recovery, mainly in the Permian Basin, pinpointing unconventional resources.
Recent trends in the Permian say it won’t be easy. Or cheap.
Darren Woods, Exxon CEO, spoke at the annual Bernstein Strategic Decisions Conference in New York City at the beginning of June.
“I think we’ve seen the initial rush of shale and understand that proposition there. I think there’s still a lot of technology to unlock that’s still relatively immature in its development cycle. We’re still only recovering about 10 percent of unconventional resources,” Woods said.
“And so there’s a lot of oil being left in the ground based on industry’s ability to tap into that and recover that oil. That’s actually one of the areas we’re very focused on,” he added.