Recent emerging paradigms in hydrocarbon exploration

Interesting points can be made about hydrocarbon volumes discovered in the past decade: - 350 bboe of 2P (Proved and Probable) discovered volumes were found, and 91 of the fields have 2P volumes in excess of 500 million boe (‘elephant’) totalling approximately 200 billion boe, based on publicly available information. - This compares with 120 bboe in the period 1991-2001, and 140 bboe in the period 1981-1991 (From AAPG Memoir data) - six petroleum plays can be defined and ranked against the corresponding volumes: - Carbonates below salt and Large Delta Systems account for more than 85% of the discovered volumes; - A new play concept: Abrupt Margins has been proven, with the Jubilee Field in Ghana (disc 2007). Foinaven Field (West of Shetlands, disc. 1991) also goes into this category; - New Exploration Techniques will be needed in mature plays such as Foreland fold and Thrust belts. These discovered volumes are far from negligible in sustaining current worldwide production (2013) of almost 90 mmboe/d and 400 bcf/d, rates that will increase to 100 mboe a day by 2020 for oil and to 500 bcf/d by 2030 for gas, depending on demand and investment rates.