However, dwindling resources and the advent of more difficult crudes are forcing the business to think afresh.

As the figure shows, vast quantities of relatively underdeveloped energy resources remain in the ground.

The hydrocarbon value hierarchy shown as a graph of monetary value versus American
Institute of Petroleum (API) gravity. Note that high API values characterise light
hydrogen-rich deposits, while low ones cover heavy, carbon-rich deposits such as
heavy oil.

These range from carbon-rich deposits, such as coal and heavy oil, to hydrogen-rich accumulations like natural gas and natural gas liquids (NGL).

Collectively representing more than 50% of today’s reserves, they are often located in remote areas.

To secure a long-term future, scientists and technologists must come up with new technical solutions for converting “disadvantaged” or low-value hydrocarbon resources into high-quality, environment-friendly products.

Such products will be capable of commanding market prices, similar to those achieved today by light and conventional crude oils. 

The key technical areas in which Statoil is already engaged or seriously debating are:

• low-temperature (cryogenic) natural gas liquefaction and chemical conversion technologies such as liquefied natural gas (LNG), gas-to-liquids conversion (GTL) and methanol production
• production and upgrading of heavy oil, including technologies for producing hydrogen and synthesis gas
• integration technologies designed for seamless merging of production, upgrading and refining.

Some of the unwanted by-products, such as nitrogen, oxygen, steam and carbon dioxide, could also be turned into profitable commodities by using them to improve oil recovery.