The depressed oil price has spurred a new wave of innovation in oil and gas industry. When a barrel of oil fetched $100 or more, energy companies were focused on drilling wells and pumping crude oil as fast as they could. However, with oil price has settled around $50 a barrel these days, companies are focused on efficiency; getting the most petroleum for the least amount of money. And many are turning to advanced technology or innovation for help. This session will focus on innovative approaches to reduce cost for mature assets to sustain field life including technology, well types, business model, and resource management. This session also aims to address topics on improving recovery factor through innovative activities in production enhancement and optimization, and tertiary recovery method.