Heriot Watt University in Edinburgh has run a consortium devoted to time-lapse seismic, not within its geophysics department but within its petroleum engineering department.
Natural gas demand is forecast to increase 94% within six years, according to a recently released report. Demand for oil and coal are also predicted to rise, but not nearly as much.
Research shows using microseismic data with refracks could help lift recovery from old wells, providing an alternative to drilling new wells.
Industry veteran warns that the downturn could be a three-to-four-year issue—and much tougher than anticipated. "Make sure you have liquidity to 2018," he says.
Iran is seeking a final agreement with international powers by June that would curb its nuclear program in exchange for phasing out sanctions that have cut its crude exports, choked cash flow and halted most oil investment.