The global oil price downturn has driven efficiency improvements across the oil and gas industry, but many new technologies have a limited shelf life, Saudi Aramco board member Andrew Gould said at the Oil & Money conference in London on Tuesday.
Technology improvements have enabled US shale producers to prosper in the USD 50-60/barrel environment, but new technologies like “sweet spotting” in which drillers find areas with the best production potential cannot be used over the long term, he said.
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