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Now, however, Russia must shift its focus from these technologies to developing new fields, Kris Sliger, executive vice president for strategy and new business development at TNK-BP, told a conference in Moscow in March.
But developing new fields can take many years.
"Texaco was producing more than they were developing new fields," Mr. Varzi of Dresdner Kleinwort Benson said.
Once critical export terminals, pipelines and oil fields are repaired, the report says, Iraq might consider developing new fields, requiring a total investment of about $38 billion.
Unlike most other oil companies, Eni thrived under the Qaddafi regime, developing new fields and building a $9 billion facility at Mellitah, west of Tripoli, to pipe natural gas under the Mediterranean.
In its annual world energy outlook report, the agency warned of a drop in oil production and shortfalls in supplies if oil companies and oil-producing countries do not make huge investments, totaling $3 trillion over the next three decades, in everything from developing new fields to building more tankers, pipelines and refineries.
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Green chemistry is a rapidly developing new field that provides us with a proactive avenue for the sustainable development of future science and technologies.
That gives Gazprom little incentive to develop new fields.
They have developed advanced exploration technologies and can muster significant financing to develop new fields.
That would allow, indeed encourage, the Saudis to develop new fields to replace lost output.
If that proves to be the case, international oil companies may have to wait years for favorable terms to develop new fields in Iraq.
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