Former BP executive discusses top trends in oil exploration

By Admin
[email protected] The March issue of Energy Digital magazine is live Dr. Michael C. Daly is the former executive vice president of exploration at BP...

The March issue of Energy Digital magazine is live

Dr. Michael C. Daly is the former executive vice president of exploration at BP. During a recent speech at Imperial College in London he discussed the future trends of global oil and gas exploration.

According to Daly, exploration trends will follow the industry’s perception of the “next best resource base” to explore and develop, which incorporates both the scale and quality of resource and the cost of its development.

In the next 30 years there will be:

 (a) a decline in deepwater discoveries;

(b) the rise and then fall of arctic ice-bound discoveries;

(c) and sustained exploration delivery from onshore basins as the continents are re-explored.

What does this say about the future exploration trends?

  • Go deeper, exploring down to the source rock;
  • Deltas are still delivering surprises.

So where will industry go? Not west, but north.

The ice-bound continental shelf and slope of the Arctic remains largely unexplored. But 60 percent of the arctic continental margin is in Russian waters, which explains the dominance of Russia in terms of estimates of YTF. The frontiers there of deepwater basins and deltas remain to be explored. The Arctic has significant potential, but the license to operate remains uncertain outside of Russia.

Onshore, three exploration trends will dominate as the industry re-explores the onshore and shallow water regions of the world.

  • Exploration of frontier basins like the Congo.
  • Exploration of the unexplored rock volume of existing basins with a “source rock upwards” philosophy.
  • Exploration for missed and tight pay in and around the world’s giant fields and source rocks, and convergence with EOR.
Share
Share

Featured Articles

UK Government awards £54mn in heat network funding

Funding will support the development of schemes in London, Bedfordshire and Woking that use low-carbon heat sources

Shell posts $11.5bn second quarter profit

Shell's earnings fuelled by ongoing price rises and geopolitical instability as the energy major places greater focus on natural gas investments

bp opens first electric truck fast-charging facilities

Operated by bp’s Aral brand, the retail site at Schwegenheim in Rheinland-Pfalz has two 300kw chargers intended for electric trucks

Shell commits to developing Jackdaw gas field in North Sea

Oil & Gas

Prospex Energy raises £1.87m for Selva gas field development

Oil & Gas

Shanghai Electric Group launches low carbon business

Utilities