The aim of this paper is to provide a vision of how the processes and materials used to extract hydrocarbons from underground reservoirs might evolve over the next decade or so, in order to stimulate and provide signposts for the research and development which is needed to meet the industry＇s future needs. The target is to double the recovery of hydrocarbon in place from today＇s typical values of 30-40%. This will require real-time reservoir management, for which the ability to simulate, monitor and control all the key processes that take place within the reservoir and production system is a fundamental requirement. A particular emphasis is placed on the role to be played by chemical and process engineering. Existing exploration and production practices are summarized and possible scenarios described for the way in which the enabling technology and engineering might evolve. This is done by presenting a series of technology roadmaps and cartoon future scenarios for four technology packages that together have the potential to enable a new era in productivity. Oil and gas wells can be likened to high pressure, high temperature tubular reactors, whose geometry and sophistication is becoming increasingly complex. It is envisaged that the oil reservoir of the future will evolve towards a subterranean factory of interconnecting drainholes, whose overall efficiency in producing saleable products will be determined by the way that its individual production units are deployed and coupled in the light of market needs. Linked to improved understanding of the regional geology, optimising the downhole factory productivity will enable the operators to reduce significantly their investment risks and substantially increase worldwide recovery rates.