ABSTRACT: An Overview of Giant Oil and Gas Fields of the Decade: 1978-1988

Michel T. Halbouty

Scientific studies and projections of future world energy demand indicate that although alternate-energy fuel sources must be actively pursued and developed, there must be adequate petroleum supplies to bridge the gap. For the international petroleum industry, the years covered by this conference, 1978-1988, were complex. They were years of boom and bust. The world's energy consciousness was boosted sharply by the effects of the 1979 Iranian revolution and the resulting embargo that sent world oil prices to record heights. Global petroleum exploration soon surged, leading to the industry's all-time drilling high in 1981. Then came the oil price collapse in 1985, and the following years were characterized by falling oil prices and drastic budget cuts for exploration and de elopment.

Although exploration dropped sharply, there was a steady flow of giant oil and gas field discoveries. Using the giant field designation criteria of 500 million bbl of oil recoverable for fields in Asiatic Russia, North Africa, and the Middle East; 100 million bbl of oil recoverable for the fields in the remainder of the world; and 3 tcf and 1 tcf of gas reserves

recoverable for the same areas, respectively, it is estimated that at least 182 oil and gas fields containing an estimated 140 billion BOE were discovered in 46 countries during the years covered by this conference.

Today, exploration is slowly gaining momentum in all types of petroleum provinces--intensely explored, partially explored, moderately explored, and essentially unexplored--and as long as exploration continues in whatever area of the world, there will always be opportunities to find giant oil and gas fields.

AAPG Search and Discovery Article #91000©1990 AAPG Conference-Giant Oil and Gas Fields of the Decade 1978-1988 Conference, Stavanger, Norway, September 9-12, 1990