Middle East Producers See More Heavy Oil in their Future
June 09, 2010 at 09:41 AM EDT
Middle East oil countries should increase production of heavy oil as oil prices remain higher and improved technology makes it easier, those attending an industry conference in Bahrain were told. Bahrain’s oil minister, Abdulhussain Mirza, told the Heavy Oil World MENA conference that heavy oil reserves in the region were estimated at 1 trillion barrels, or 28% of total world reserves, but historically accounted for little more than 10% of production. “The vast reserve demonstrates the importance of heavy oil as a future energy source, one that cannot be overlooked and, therefore, companies that position themselves early in the heavy oil business are likely to win the game,” Mirza said, according to local news reports. Bahrain recently signed an agreement with Mubadala Development, an Abu Dhabi state-owned firm, and Occidental…