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.