--> Abstract: Michel T; #90063 (2007)

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Michel T. Halbouty Lecture: Current petroleum Exploration Trends: Prudent Investments or Irrational Exuberance?

 

Rudolph, Kurt W.1 (1) ExxonMobil Exploration Company, Houston, TX

 

Lecture topics are designed to focus either on wildcat exploration in any part of the world where major discoveries might contribute significantly to petroleum reserves, or space exploration where astrogeological knowledge would further mankind's ability to develop resources on earth and in the solar system.

 

The Long Beach Technical Program is pleased to have Kurt Rudolph of ExxonMobil Exploration Company presenting “Current Petroleum Exploration Trends: Prudent Investments or Irrational Exuberance?”

 

Recent petroleum commodity prices and supply concerns have spawned discussions by industry analysts, the media, policy makers and the public. Beyond the hype of “peak oil,” the petroleum industry is faced with very real challenges in maintaining a healthy exploration program to meet long term energy needs. Using recent examples from North America, West Africa and the Middle East, this presentation looks at several recent trends in the exploration landscape.

 

First, a ferocious competitive climate is driving up the cost of opportunity capture, creating a “winner's curse” scenario. This context is providing incentives to pursue high risk/high potential plays, often in remote or challenged settings. Exploration in these frontier areas is being enabled by both a return to fundaments and the next generation of basin concepts and modeling capabilities.

 

At the other end of th spectrum, near field potential is often a “hidden jewel,” via extensions to existing pools and discovery of new reservoirs. In basins that are prolific but mature, deeper and more subtle opportunities are being pursued. Often these plays rely on new petroleum systems and/or the preservation of deep porosity. And lastly, non-conventional resources, including ultra-tight gas, heavy oil, shale gas and coal bed methane are becoming more prominent, especially in North America. Such assets have peculiar characteristics that demand a different approach.

 

AAPG Search and Discover Article #90063©2007 AAPG Annual Convention, Long Beach, California