Foresighting report: mature oil and gas assets

This report provides a summary of ITI Energy’s initial foresighting study focused on the mature oil and gas assets (MOGA) market. For the purposes of the report the MOGA market is defined as fields or reservoirs past peak production. It analyses key market trends, business needs and technology opportunities on which ITI Energy might focus.

The foresighting process consisted of desk-based research; interviews; workshops with senior industry personnel; one-to-one interviews with various industry experts from the USA, UK and Norway; and a technology screening exercise, which used data from the desk research, workshops and interviews.

The research reports that the MOGA market and related technology opportunities are significant and will grow steadily over the coming 10 years and beyond. Some of the key factors driving this growth in opportunity for new MOGA technology include: increasing challenge of meeting global oil and gas demand; escalating oil and gas prices; mature fields and reservoirs provide most of the current global oil and gas production; and new, large fields are increasingly difficult to find and expensive to develop. The MOGA market also presents a range of specific business needs which are likely to shape the need for new MOGA technology in the coming 10 years. In particular, it is suggested that the MOGA technologies must focus on five main industry objectives: increasing recoverable reserves, increasing production rates, reducing operating costs, reducing capital costs and sustaining or improving health, safety and environment performance. The report suggests that the goal of rapidly commercialising technologies in the oil and gas sector is however particularly challenging. Therefore, 12 technology areas, out of an initial list of around 60 technology opportunities, were prioritised on which to focus. These 12 areas, directed at the five main industry objectives, are where most of ITI Energy’s time and resources will therefore be focused in the near to medium term.

There were no recommendations as this was not within the remit of the report.