Global trends influencing exploration Seismic vessel in the Ceduna Basin, Australia

Transcription

1 Mike Daly Executive Vice President, Exploration Global trends influencing exploration Seismic vessel in the Ceduna Basin, Australia

2 Global trends influencing exploration Future resource trends Deepwater: capturing the remaining resource Arctic: unexplored rock volumes of the ice-bound offshore Re-exploration of onshore (and shallow-water) basins: Frontiers, deepening, tight reservoirs in old giants, shale sweet spots Future challenges and technology trends Striving for the perfect seismic image Management of pressures in excess of 20k psi (1) Ice management, spill response, community and environmental impact Transformation of flow rates from unconventionals (1) Thousand pounds per square inch

3 Global discovered resource and yet-to-find Conventional discovered: 4.5 tnboe Tnboe : Ghawar 176 bnboe : Supergiants in Venezuela, Iran, Kuwait 1927: Kirkuk 26 bnboe 1971: North Field 193 bnboe 1979: Troll 10 bnboe 1992: Qatar Arch 103 bnboe 2004: Yoloten 67 bnboe Deepwater Arctic sub-ice Onshore Shelf Conventional yet-to-find: ~ 1 tnboe Onshore North America Middle East (On/Offshore) Onshore Latin America Onshore C.I.S. Onshore Africa Onshore RoW Shelf (ex Middle East) Arctic Deepwater Source: IHS, EIA and CAPP (Canadian Association of Petroleum Producers) for onshore North America data

4 Material new plays of the past decade all deepwater Material new plays characterised by: Deeper reservoirs in existing provinces The outer margins ( medial and distal fans ) of deltas GoM Palaeogene 5.5 East Mediterranean pre-messinian Angola Congo Fan 9 East India gas 3 Industry deepwater discovered volumes (bnboe) East Africa gas Source: IHS EDIN South Atlantic pre-salt

5 Technology unlocking Mad Dog, Gulf of Mexico Application of seismic technology Industry-first WATS (1) survey, contributing to a doubling of resource at Mad Dog through its appraisal programme WATS has since become the industry standard, contributing to Palaeogene success Now being applied beyond the Gulf of Mexico Discovery map and seismic data quality 1998 Current map and seismic data quality 2011 OWC (1) Wide Azimuth Towed Streamer

6 Project 20K Major technology project to progress 20k psi (1) resources Collaborating with contractors, vendors, regulators and universities Key system defined by end 2013 Front End Engineering Design begins in 2014 (1) Thousand pounds per square inch

7 Arctic yet-to-find Alaska: Beaufort North Slope Chukchi South Kara 3 17 Yet-to-find volume (bnboe) Northeast Greenland Source: United States Geological Survey, Russian Barents

8 Challenges for activity in the Arctic Considerations for sustained industry activity Commercial Technological Operational safety Regulatory Ecological Cultural/socio-economical Reputational Security Image courtesy of Per Frejvall, Arctic Marine Solutions Lomonosov Ridge, 2004

9 Re-exploration of the onshore The remaining unexplored rock volumes onshore Frontier basins with challenging access (e.g. Congo). Re-exploring old basins Deepening: exploring upwards from source rocks to existing shallow pay Tight reservoirs: in and around existing oil and gas giants Shales: achieving economic flow rates from the world s great source rocks BP Lozier Canyon #1 Austin Formation Eagle Ford Formation Buda Formation BP tight gas and shale positions

10 Challenges for onshore activity Considerations for hydraulic fracturing onshore Management of water and other fluids Seismic activity Air quality and GHG emissions Community impact Land and sensitive ecologies Durango facility, Colorado, USA

11 Risks presented by future industry activity Deepwater Managing pressures in excess of 20k psi (1) Arctic Ice management Spill response Communities Reputation Onshore Management of water and fluids Communities Industry footprint in sensitive ecologies (1) Thousand pounds per square inch Wamsutter, Wyoming, USA