Petroleum reserves
The complete paper outlines some of the challenges involved in late-life field management and how Reserves assessment may be affected.
During the past decade, hundreds of unconventional oil and gas projects have failed to deliver the value sought by shareholders.
Even without the black swan event of COVID-19, the industry must critically examine the technical, commercial, and operational bases of the projects it proposes and executes. A logical, reasonable, ethical, and philosophical approach is critical to underpin good decision making and value creation.
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The UAE produced 4 million B/D this year and is looking to these newly discovered resources to reach 5 million B/D by 2030. -
This latest find means the offshore driller has averaged at least three new discoveries each year since it began drilling offshore Guyana where it plans to recover up to 8 billion barrels of crude.
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ExxonMobil is reluctant to join other big oil companies writing down the value of their reserves. It could chop its reserves by 20%, but it has not made a final decision.
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Pemex and Talos Energy have 120 days to decide how to share a massive offshore field that both companies claim they should operate. Failure to come to terms means the government will decide the matter.
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An ultrahigh-density high-resolution data set from the Hammerfest Basin is now available from PGS. The area is thought to contain around half of the undiscovered resources on the Norwegian continental shelf, according to the Norwegian Petroleum Directorate.
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Saudi Arabia offers a seemingly bottomless supply of oil and an equally deep array of exploration challenges as well.
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A total of 12.2 billion BOE was discovered worldwide in 2019—the highest volume in 4 years, with offshore regions dominating the list of new deposits.
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Talos is hoping to retain its operatorship of the major discovery it made in 2017 offshore Mexico after a reserves audit confirmed the reservoir is shared between two offshore blocks.
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Proved oil reserves totaled 43.8 billion bbl at yearend 2018 while proved gas reserves amounted to 504.5 Tcf, both topping records set in 2017, the US Energy Information Administration said.
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Current efforts demonstrate that industry is undertaking responsible scientific, social, and environmental management.
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