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• W2017112213 abstract "ABSTRACT The present industry climate magnifies the need for lower finding and developing costs for new reserves. With most of the larger new non-OPEC reserves expected to be found offshore, involving high costs and heavy front end investment, improved information to reduce risk in the offshore arena is critical. The 3D seismic system has clearly demonstrated its value in the post-discovery stage. A cost-effective extension of this concept applicable to the pre-discovery stage is now available. The Exploration 3D method provides:–earlier, better quality information to locate potential reservoirs.–reduced cycle time to production–equivalent cost to alternative conventional seismic methods The role of Exploration 3D is discussed for the Gulf of-Mexico environment. INTRODUCTION Over the last 15 years, the oil market has undergone, and continues to undergo, major structural changes. Worldwide oil demand has fallen from its 1919 peak of 51.2 million barrels per day (mbd) to 44.7 mbd in 1983. On the supply side, higher oil prices spurred non-OPEC production growth from 35% of worldwide production in 1973 to 56% in 1983. The reserves from which non-OPEC production emanates have been found mainly offshore in the recent past and most experts believe the bulk of significant new non-OPEC reserves will continue to be found offshore. Today, in the presence of severe price pressures and declining reserve bases, oil companies are thus faced with finding new reserves in a high cost, high risk offshore environment where 26% to 41% of future oil demand is projected to lie. The costs at stake are significant in the offshore environment. Table 1 shows the cost relationships of the major expenditure segments. Drilling and structures account for approx 70% of total expenditures or $26 billion in 1984, projected to grow to $40 billion over the next three years. The U.S. share is projected to grow from 20% to 25% over this same time period. The introduction of tools which have a direct impact on time and cost effective utilisation of drilling equipment and structures becomes, therefore, ever more important. We will discuss a new tool, Exploration 3D, which directly supports and expedites the decision processes by providing cost effective, timely quality information to the oil company at the stages when it can be of most value. GULF OF MEXICO ENVIRONMENT The brightest spot for increasing U.S. reserves is in the Gulf of Mexico. In addition to maturing areas offshore Louisiana and Texas, the flexure trend in the Gulf of Mexico's deeper waters is growing in attractiveness. The role and use of Exploration 3D will be illustrated in the Gulf of Mexico environment. In the last five years, 3200 offshore tracts have been leased. With the advent of area-wide leasing in 1983, independents as well as the majors have participated in the Gulf of Mexico search." @default.
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• W2017112213 date "1986-05-05" @default.
• W2017112213 modified "2023-09-25" @default.
• W2017112213 title "Exploration 3D: A New Tool Of Cost Effective Information For Offshore Prospects" @default.
• W2017112213 doi "https://doi.org/10.4043/5123-ms" @default.
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