Developed countries and big companies in the industry are locking more funds for the investment in oil. Countries such as United States of America are striking new deals with the countries where new sources of energy or oil stocks are found. They are investing huge amounts also in the research of new fuels or ways extracting oil or gas from underground sources. Big Players in oil investment industry plan to join hands to push forward the research and production of oil.
Companies such as Chevron Corp. which is planning to invest as much as $40 billion for the extraction of an extra 5 billion barrels from an oilfield located at the border of Saudi Arabia and Kuwait. Chevron plans to spend this amount over the next quarter of a century if a green signal is given for the whole field.
The extraction is going to be done by injecting steam into the underground oil to make it liquid enough to pump. According to the sources, the steam will be injected in phases and area by area which may continue beyond 2038. Chevron is still searching for more options to supply water and fuel needed to generate the steam for the entire field.
Another company, San Ramon is triggering a pilot project that achieved very promising results at Wafra field which has reserves of about 30 billion barrels of heavy crude oil. But it is also reported that the Wafra field is in decline and produces about 240,000 barrels a day of light and heavy crude. With steam injection, the venture expects production to rise by an additional 500,000 to 600,000 barrels a day.
The project is touted as the largest steam-flood development in the world and is expected to make a final decision by 2013. The process of this project to liquefaction of underground oil will include injecting steam to heat heavy crude at the field to allow an easier flow of oil to wells for extraction. The new oil from Wafra will be heavy crude, reported the sources.