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 and US announce energy partnership

The agreement will work towards reducing global dependency on Russian energy exports, stabilising energy markets, and stepping up collaboration

Alfa Laval to supply world’s largest green hydrogen plant

The facility is being built in NEOM, the US$500bn futuristic city being developed in Saudi Arabia

COP27 agrees to climate compensation fund

The deal is said to be a historic first in acknowledging the vast inequities of the climate crisis

North America's natural gas can help mitigate energy crisis

Oil & Gas

COP27: Egypt and Norway to build 100MW green hydrogen plant

Renewable Energy

Renewable energy company Masdar opens office in Saudi Arabia

Renewable Energy