Maximizing the Value of Arctic Exploration
Alexander Dementjev2 and Stephen Pharez1
1PGS, Weybridge, United Kingdom.
2PGS, Moscow, Russia.
Numerous known and unknown challenges of oil and gas exploration and production in the Arctic require innovative but reliable solutions. Exploration needs to be carried out efficiently and with excellent data quality. Taking into account considerable development costs there is a strong need to recover more than the present ratio 1 out of every 3 barrels of oil that is found on the Arctic shelf.
Arctic challenges require specific solutions:
- Harsh conditions require Robust technology
- Short season means Efficient technology
- Vulnerable environment calls for Safe technology
- Complex Geology necessitates High quality data
- Large investments are to be secured by high oil recovery rate provided by Reliable reservoir monitoring technology
The exploration of Arctic in the current conditions calls not only for new technologies but also for more efficient use of capital and strategic alliances between national market actors and international leaders of the geophysical industry. The Arctic development is driven purely by price of oil and geopolitics. However, can the world afford sky high oil prices when the economic crisis is over, if the exploration will be considerably stagnated or postponed.
Today we want to challenge the governments of Arctic countries, national and international oil and gas companies by asking direct questions: What is Crisis - Stagnation or Changes? Reduction or Efficiency? Full stop or Evolution? What are the future consequences of slowing down Arctic exploration?
We believe that today is the right time for introducing new efficiency in exploration - a new generation of vessels for towed streamer seismic, a revolutionary dual-sensor marine streamer and a fiber-optic system for permanent monitoring. The new vessels need refueling only every fifth month thus providing non-stop performance during the short Arctic season. The first ever dual-sensor streamer provides data with better S/N ratio, deeper penetration and higher resolution thus securing rare combination of higher efficiency and significantly improved data quality in complex geology of the Arctic. A seabed system based entirely on fiber-optics may increase the recovery rate by 3 to 5%.
We are confident that the new technologies will considerably increase efficiency of exploration, and maximize value of exploration and ongoing oil and gas projects in the offshore Arctic environment.
AAPG Search and Discover Article #90096©2009 AAPG 3-P Arctic Conference and Exhibition, Moscow, Russia