Future Petroleum Potential of Mid-Continent

James D. Shotwell

Throughout the history of the Mid-Continent, numerous estimates have been made of the amounts of oil and natural gas discovered, produced, and yet to be discovered. As of 1981, the Mid-Continent has produced 127.8 tcf of gas and 18.2 billion bbl of oil, while retaining 32 tcf of gas and 1.5 billion bbl of oil in measured reserves. The 1981 U.S. Geological Survey's estimate of reserves yet to be discovered in the Mid-Continent is 44.5 tcf of gas and 4.4 billion bbl of oil.

Since these estimates were made, approximately 25% of those reserves have been found. Production has increased over the last several years, but has been at a rate higher than reserve replacement, owing to the drop in footage drilled and in reserves found per foot drilled.

The Mid-Continent is a mature petroleum province whose future years will see an overwhelming emphasis on small field exploration and large field exploitation. In the past 5 years, extension of old reservoirs and the discovery of new reservoirs in old fields have provided 88% of the newly discovered reserves. As the prices of oil and gas rebound from their 1986 levels, we should see a gradual increase in drilling, both in terms of total footage and in total number of wells drilled. We should also expect fewer exploratory wells and the reserve replacement ratio to remain low. Exploration of new frontiers in the Mid-Continent will be extremely slow in the foreseeable future.

AAPG Search and Discovery Article #91039©1987 AAPG Mid-Continent Section Meeting, Tulsa, Oklahoma, September 27-29, 1987.