More of World’s Remaining Oil Recoverable Through Nanotech, But Oil Industry Slow to Respond – New Report
Ironically, nanotechnology is becoming central to the development of such “clean” energy technologies as solar photovoltaics. That nanotech might be used to increase the global supply of oil could be seen by environmentalists as just another way to maintain the world’s oil “addiction.” Nevertheless, according to Lux, “Nanotechnology fits oil and gas industry needs. Underground oil inhabits nanoscale pores; oil wells’ extreme temperatures and pressures benefit from nanostructured materials and coatings; and engineered nanocatalysts can upgrade heavy oils to lighter, more valuable ones.”
The report notes that the oil and gas industry can be very slow to embrace new technology, citing Chevron figures that the average new technology in oil and gas exploration has taken 32 years to achieve 50% penetration. In today’s environment, “that’s an order of magnitude too long,” according to Lux.
