Leading technology scouting and market analysis firm focuses on innovations that can unlock new reserves and resources in oil, gas, and mining
BOSTON--(BUSINESS WIRE)-- Lux Research announced today the launch of its new Exploration and Production Intelligence service covering emerging technologies in upstream oil, gas, and mining – a growing market with strong capital budgets and increased M&A activity. Lux Research analysts will provide ongoing technology scouting and market intelligence for an industry struggling to keep up with global demand and adapt to an evolving operating environment.
“In the last 15 years, economically recoverable oil reserves have increased by 25% simply due to breakthroughs in technology,” said Brent Giles, Senior Analyst at Lux Research and leader of the Exploration and Production Intelligence service. “Our future prosperity will depend on disruptive advances in this field – just as the innovation of hydraulic fracturing has given the U.S. economy a shot in the arm with the shale gas boom.”
The Exploration and Production service will cover advances in oil and gas production that are unlocking previously inaccessible reserves, with monitoring and analysis of technologies ranging from seismic data acquisition, advanced proppants, enhanced oil recovery, and advanced materials for drilling. It will also look at how technology is transforming mining of critical commodities like lithium and rare earths.
Drawing on years of scouting in this field, Lux Research’s initial report in this service is titled “The Race to Replace Reserves.” Among its key findings:
- Oil reserves will be depleted much sooner than thought. Global stated recoverable oil reserves, conventional and unconventional, total 1.65 trillion barrels, or 54 years of supply. If adjusting remaining oil reserves for population growth and nominal increases to per capita consumption rates, oil shortages could occur 18 years earlier than that.
- OPEC reserves have been overstated. OPEC’s stated reserves skyrocketed from 878 billion barrels to 1.2 trillion barrels throughout the 1980s and 1990s without any new significant discovery. With cumulative oil production of 449 billion, true reserves for OPEC could be as low as 428.94 billion, resulting in global price shocks by 2020.
- Technology will be critical to unlocking potential from resource reserves. Resource reserves on American soil, such as the 4.6 trillion barrels of oil shale deposits or the 14 million metric tons of rare earth elements, if proved economical, could eliminate dependence on energy imports. For example, replacement of oil reserves at a rate of 1% annually would fend off any oil shortages and supply a growing population for at least another 90 years.
About Lux Research
Lux Research provides strategic advice and on‐going intelligence for emerging technologies. Leaders in business, finance and government rely on us to help them make informed strategic decisions. Through our unique research approach focused on primary research and our extensive global network, we deliver insight, connections and competitive advantage to our clients. Visit www.luxresearchinc.com for more information.
Lux Research, Inc.
Carole Jacques, 617-502-5314
Source: Lux Research