With oil's recent downturn, the industry is looking for new ways to get more oil out of the ground for less money and is financing research that could help it do that. Monday, the oil field services company Baker Hughes announced a one million dollar grant for the University of Wyoming.
Researchers will use the money to study how to get more oil and gas out of unconventional reservoirs.
Mark Northam is the director of UW’s School of Energy Resources. He says it will hopefully also bring down the costs of extraction.
Technology that improves results is important, but technology that improves results that is cost effective is critical.
"We always look at cost. Technology that improves results is important, but technology that improves results that is cost effective is critical," says Northam. "There are lots of technologies that would allow us to get more oil out of the ground, but it would cost you more than the oil is worth."
The state is matching the Baker Hughes grant dollar for dollar.
