Michel T. Halbouty Lecture: Current petroleum Exploration Trends:
Prudent Investments or Irrational Exuberance?
Rudolph, Kurt W.1 (1) ExxonMobil Exploration Company,
Lecture topics are designed to focus
either on wildcat exploration in any part of the world where major discoveries
might contribute significantly to petroleum reserves, or space exploration
where astrogeological knowledge would further
mankind's ability to develop resources on earth and in the solar system.
The Long Beach Technical Program is
pleased to have Kurt Rudolph of ExxonMobil
Exploration Company presenting “Current Petroleum Exploration Trends: Prudent
Investments or Irrational Exuberance?”
Recent petroleum commodity prices and
supply concerns have spawned discussions by industry analysts, the media,
policy makers and the public. Beyond the hype of “peak oil,” the petroleum
industry is faced with very real challenges in maintaining a healthy
exploration program to meet long term energy needs. Using recent examples from
First, a ferocious competitive climate is
driving up the cost of opportunity capture, creating a “winner's curse”
scenario. This context is providing incentives to pursue high risk/high
potential plays, often in remote or challenged settings. Exploration in these
frontier areas is being enabled by both a return to fundaments and the next
generation of basin concepts and modeling capabilities.
At the other end of th spectrum, near field potential is often a “hidden
jewel,” via extensions to existing pools and discovery of new reservoirs. In
basins that are prolific but mature, deeper and more subtle opportunities are
being pursued. Often these plays rely on new petroleum systems and/or the
preservation of deep porosity. And lastly, non-conventional resources,
including ultra-tight gas, heavy oil, shale gas and
coal bed methane are becoming more prominent, especially in
AAPG Search and Discover Article #90063©2007 AAPG Annual Convention, Long Beach, California