If the world has any chance of avoiding the worst fears of peak oilers, it has to pump every possible barrel of oil it can out of fields in the United States and elsewhere. Many exploration and production companies are doing just that, all the way from the largest integrated oil company in the world down to small cap companies. (Learn a little more about the “non” part of this non-renewable resource. Read Peak Oil: Problems And Possibilities.)
Exxon Mobil (NYSE:XOM) was the latest to announce an enhanced oil recovery project at one of its aging fields. The Hawkins Field was discovered in 1940 and has pumped out hundreds of millions of barrels of oil since then. Exxon Mobil will be injecting nitrogen into these old wells to stimulate production.