Worldwide Deepwater Petroleum Exploration and Development Prospectivity: Comparative Analysis of Efforts and Outcomes
- Omowumi Odeniyi Iledare (Louisiana State University)
- Document ID
- Society of Petroleum Engineers
- SPE Annual Technical Conference and Exhibition, 4-7 October, New Orleans, Louisiana
- Publication Date
- Document Type
- Conference Paper
- 2009. Society of Petroleum Engineers
- 4.6 Natural Gas, 2.1.7 Deepwater Completions Design, 2 Well Completion, 7.4.3 Market analysis /supply and demand forecasting/pricing, 7.4.5 Future of energy/oil and gas, 4.2 Pipelines, Flowlines and Risers, 6.5.7 Climate Change
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The global search for environmentally friendly energy resources is increasing. However, there is a general consensus that fossil fuel resources will remain a significant component of the global energy supply mix and the status of fossil fuels in the global energy economy does not appear ready to change in the near future. Increasing amounts of petroleum resources must therefore be found and developed to meet the global fossil fuel demand growth. Thus, the search for new fossil fuel resources must be extended to more remote areas than in years past. This paper describes qualitatively the primary factors underlying deepwater petroleum exploration and development prospectivity worldwide. The paper evaluates the attractiveness and prospectivity of worldwide deepwater offshore basins using empirical indicators to describe efforts and outcomes. The empirical indicators derived from deepwater specific data from private and public sources show that the expansion in worldwide Deepwater operations is a predictable response to the growth in global oil demand as the finite nature of petroleum resources onshore becomes more apparent to oil and gas operators worldwide. Further, the paper shows that the evolution of deepwater petroleum development is very pronounced around the three Atlantic Basin deepwater zones (Africa, Latin America, and North America--Gulf of Mexico) and that these regions have become an important element of the offshore oil and gas industry.
It is urgent to find lasting solutions to the continuing growth in energy demand, particularly transportation fuel, keeping in perspective the environmental implications of global warming. Unfortunately, it would take quite a long time for alternative energy to become a significant factor in the global energy supply mix. The consensus is that fossil fuels, especially petroleum, will remain the dominant fuel in the global energy supply mix for the near future. Yet, the easy to find petroleum reservoirs located onshore and on the offshore shelf have been discovered and nearly depleted. The oil and gas industry must now focus on how to search for, discover, develop, and produce petroleum in places that are remote and increasingly challenging, such as offshore deepwater worldwide.
The energy industry is being asked to find lasting solutions to global energy requirements, particularly for transportation fuel, while reducing their environmental impact. Until alternative energy sources become a significant factor in the global energy supply mix, fossil fuels, especially petroleum, will remain the dominant fuel. The easily found petroleum reservoirs located onshore and on the offshore shelf have been discovered and nearly depleted. The oil and gas industry must now focus on how to search for, discover, develop, and produce petroleum in remote and increasingly challenging places such as offshore deepwater worldwide.
This paper qualitatively describes the primary factors driving deepwater petroleum exploration and development prospectivity worldwide, including, but not limited to, global petroleum supply and demand fundamentals, availability and accessibility to petroleum resources, technology innovations and infrastructure development, and geopolitics and fiscal arrangements. Quantitative indicators are estimated to analyze these factors with respect to worldwide deepwater activity and outcomes using number of fields and estimated average size of discoveries, instantaneous production capacity estimates, completion techniques and methods, and capital expenditure components and trends.
|File Size||167 KB||Number of Pages||14|