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GLOBAL OFFSHORE OIL-1: Exploration trends show continued promise in world’s offshore basins
03/05/2007
The production performance of the global offshore has been remarkable, and it has not reached its full potential.Globally, 500 billion bbl of oil have been discovered, of which 200 billion bbl have been produced. Giant offshore fields represent 41% of the total oil discovered, and these are located in several regions albeit in few geological settings.A heuristic approach developed in this article suggests that there could easily be 30% more oil than what is currently estimated. Further, there is large undiscovered potential as several regions remain underexplored and others have not been explored at all.The ultimately recoverable reserves (URR) for the global offshore are close to 1 trill...
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