Media: The offshore industry lacks the technology to extract the remaining oil

Close to 1.2 billion barrels of oil could be hiding in the North Sea, but it may be long before the necessary technology needed to extract the remaining oil is available, writes the Danish newspaper The Engineer.

Photo: Øyvind Hagen/Statoil

Since 1972, Maersk Oil has obtained approximately 2.1 billion barrels of oil from the Danish subsoil, but as roughly 75 percent of the oil stays in the subsoil, there is still lots of oil to extract, writes The Engineer.

However, a challenge remains since the technology demanded to extract the last potentially accessible oil and gas reserves are not ready yet, and it could take several years before it is mature. In the oil and gas industry, the development of new technology is both time-consuming and expensive. According to a study from the University of Texas at Austin, the result is a time-period average of 16 years from concept to common usage within the industry.

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