Fossil fuels, including coal, oil and natural gas, currently provide more than 85 percent of all the energy consumed in the United States, nearly two-thirds of our electricity and virtually all of our transportation fuels. And, it is likely that the nation’s reliance on fossil fuels to power an expanding economy will actually increase over at least the next two decades, even with aggressive development and deployment of new renewable and nuclear technologies. Source: U.S. Department of Energy, Energy Information Administration
ConocoPhillips believes that today, hydrocarbons remain the most affordable, reliable and abundant energy source. Because oil and gas will continue to serve as the primary sources of energy, it is ConocoPhillips’ responsibility to continue to develop these resources while also searching for other economic sources of energy. Approximately one-half of the company’s research and development program is focused on its upstream and refining businesses, specifically on methods to improve the reliability and integrity of operations, enhance recovery from existing fields, and improve energy efficiency.
As much as 50 percent of oil in the reservoir is typically left behind when production ends, since it cannot be economically recovered. To address this issue, ConocoPhillips is developing and implementing technologies to maximize resource recovery. These techniques include horizontal, multilateral drilling; water and steam flooding; and the injection of CO2 into a formation.
ConocoPhillips continues to invest in research geared to more efficient production of hydrocarbons, while also investing in alternative energy solutions. Additionally, the company considers conservation and the efficient and wise use of energy to be important factors for easing demand.
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