HOUSTON—Having fought back from a downturn while trying to please investors, the U.S. shale industry has continued to grow production with the Permian Basin in the driver’s seat thanks to improved techniques and technology.
But there are still opportunities, according to panelists speaking this week during the Rice Alliance’s Energy and Clean Technology Venture Forum.
“We today are only able to produce around 10%, plus or minus, of the oil and gas that’s there. So, basically 90% is left and that’s a big opportunity,” said Steinar Vaage, senior vice president of operations, wells and projects for ConocoPhillips. “We’re interested in ideas and ways on how we can get more out of the wells, more out of the subsurface, so we can increase our recovery.”