Study notes exploration successes, disappointments

06/13/2005
Energy consultant Wood Mackenzie Ltd. rated the biggest exploration successes in absolute terms during the last 10 years as Kazakhstan, the deepwater Gulf of Mexico, Angola, and Nigeria.The conclusions appear in a study entitled, “Global Oil and Gas Risks and Rewards.” WoodMac analysts compared exploration performance and returns for international oil companies in 66 areas across 58 countries during 1994-2003.WoodMac used proprietary data and commercial models specific to given fields and areas to assess the value created by exploration.Graham Kellas, WoodMac vice-president of petroleum economics, said, “Kazakhstan ranks number one in terms of commercial reserves discove...
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