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On average, an oilfield will yield only 40% of its total reserves to conventional production techniques. Companies that utilize Core's state-of-the-art reservoir description, production enhancement and reservoir management technologies have been able to increase the total recovery from their existing fields. Increases of 5 to 10 percent of the total recovery have been achieved -- with some fields yielding an additional 15 percent of the in-place reserves -- an improvement of nearly 40%.
The economic value of the oilfield is the oil and natural gas that can be recovered from the porous rock network. Core Laboratories characterizes the properties of the oil and gas so that the maximum quantities of hydrocarbons are mobilized in the reservoir and are produced to the surface.
The more completely oil companies understand the properties of their oilfields? reservoir systems, the more oil and gas these fields will ultimately produce.
Core Lab data describing the reservoir system are used by oil company engineers, geologists and geophysicists to enhance hydrocarbon production so that it will exceed the 40% average oilfield recovery factor. Two production-enhancement methods commonly used are (1) hydraulic fracturing of the reservoir rock to improve flow and (2) flooding the field with water, carbon dioxide, or hydrocarbon gases to force more oil and gas to the wellbore. Core Laboratories? technologies play a key role in the success of both methods.
Quick Facts
Line of Business: Reservoir optimization
Ownership: Public
Stock Exchange: NYSE
Stock Ticker: CLB
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