Maximising Economic Recovery And Key Lessons From North Sea And Selective Mature Provinces Experiences

Abstract

Maximizing economic recovery in hydrocarbon extraction is essential for
optimizing resource utilization and advancing sustainable energy security. This
study explores key lessons from the North Sea oil and gas industry as well as
selective international experiences, focusing on strategic frameworks and best
practices that have driven highest levels of economic recovery of reserves. The
North Sea and other international experience provides invaluable insights into the
adoption of modern technologies, including Artificial Intelligence (‘AI’), effective
regulatory frameworks, and operational efficiencies applicable to other
hydrocarbon-rich regions. The study highlights advanced extraction methods that
have significantly enhanced oil recovery, alongside regulatory environments that
balance economic incentives with environmental sustainability. It also examines
the fundamental role of industry stakeholders including regulatory bodies, oil
companies, and host communities in fostering continuous investment, innovation,
and knowledge sharing to maximising economic recovery. By analyzing the case
studies and expert perspectives, the study offers actionable recommendations for
policymakers and industry professionals to optimize economic recovery. It
emphasizes the importance of adapting strategies to local circumstances while
leveraging on global best practices to achieve sustainable and profitable
hydrocarbon extraction. This study contributes to an inclusive discourse on
resource management with practical guidance for enhancing economic recovery in
evolving global energy landscape.