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Every last drop: AI-powered analysis reveals oil industry’s trillion-barrel opportunity in existing fields

Wood Mackenzie’s analysis using new AI-powered tools shows existing fields could yield 470 billion to over 1,000 billion additional barrels through proven recovery methods LONDON/HOUSTON/SINGAPORE, 18 September 2025 – The oil industry possesses a trillion-barrel opportunity within existing fields that could meet global demand through 2050 without major new discoveries, according to groundbreaking analysis from Wood [...]

Industry Ministry Asks for Oil Industry’s Support for Price Stabilization

SEOUL, Nov. 9 (Korea Bizwire) — The industry ministry on Thursday asked local oil refiners to support the government’s efforts to stabilize oil prices. “As oil products are daily necessities for the people, the government is making proactive efforts to stabilize their prices,” Deputy Minister for Energy Policy Lee Ho-hyeon said during a meeting with [...]

S. Korea Refiners Diversify Business Portfolios for Growth

SEOUL, Feb. 12 (Korea Bizwire) – South Korean refiners are betting on non-refining activities to reduce their heavy reliance on their mainstream businesses amid the won’s strength and lower cracking margins, industry sources said Sunday. As the won’s strength against the dollar drives down cracking margins despite signs of recovering oil prices, local refiners have [...]