Following the disclosure that except for Saudi Arabia, the OPEC countries are at production capacity or within 5% of it (The Economist, July 8, 2000, p. 60), and that Saudi Arabia has only 24% spare capacity left, one has to look for "new oil" big time. According to the Oil and Gas Journal, June 12, 2000, p. 77, China and other Asian countries have an oil demand up to three times higher than other countries. So, where to look for "new oil?"
Outside of Russia with its 400 fields and wells down to 6 km, "oil in granite" exploration has hardly started yet. Viet Nam has its offshore White Tiger field with 20 wells, each at 6,000 bo/d, Gulf and Talisman found two wells in Sumatra with 500 m and 146 of pay in granite last year, Canada has one well with 93 m of untested porosity in four intervals, Yemen and Libya have production, and that's it more or less!
Today's drilling rate in granite has increased to 500 m/day.
Porosity runs as high as 23%. Acidic formation water dissolving feldspars helps create "intercrystalline" porosity, so it is not fractures only!
So, what are we waiting for?
Robert O. Russell
Akan Oil & Minerals Ltd.
Calgary
