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Faroe Islands: the Barnett Shale Europe’S Best Kept Secret

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Faroe Islands: the Barnett Shale Europe’S Best Kept Secret VOL. 14, NO. 6 – 2017 GEOSCIENCE & TECHNOLOGY EXPLAINED geoexpro.com GEOTOURISM HISTORY OF OIL: Faroe Islands: The Barnett Shale Europe’s Best Kept Secret INDUSTRY ISSUES Managing Funding Risks in E&P GEOPHYSICS Imaging Shallow Reservoirs through Innovation FRONTIER EXPLORATION Tools for a New Era IONIAN WEST OF CRETE SOUTHWEST OF CRETE GeoStreamer 2D Legacy 2D New Acreage Every Second Counts Greece 2017 Off shore Tenders Three huge new exploration blocks in Greece will open for tender in 2017. The 90-day window for applications will leave little time to spare when assessing these exciting opportunities. PGS have the data library and knowledge you need to begin today. Watch our Greece webinar or visit us for a data room presentation to fi nd out more. Contact us now to arrange: [email protected] A Clearer Image | www.pgs.com Previous issues: www.geoexpro.com Contents Vol. 14 No. 6 This edition of GEO ExPro magazine focuses on North West Europe; Frontier GEOSCIENCE & TECHNOLOGY EXPLAINED Exploration; Seismic Imaging; and Managing Risk in E&P. h 5 Editorial TopSeis is a radical new seismic acquisition and 6 Regional Update imaging system, where the source is towed above the 8 Licensing Update middle of the streamer. CGG 10 A Minute to Read 14 Cover Story GEO Tourism: Faroe Islands – ; Europe’s Best Kept Secret Could 3D printing catch on in the O&G industry? 20 Seismic Foldout: Brazil is Back in the Game 26 GEO Physics: Hurricane Energy Imaging Shallow Reservoirs US CSB Through Innovation , Why are we using archaic risk 30 Technology Explained: assessment methodologies that 3D Printing – A Dip Into an expose workers to danger? Evolving Technology 34 History of Oil: Newark East Barnett – W Shale’s Spindletop Using new tools to streamline the process 38 Industry Issues: of frontier exploration. Potential Risks from Outdated Technology Halliburton Landmark 42 Seismic Foldout: The East Shetland Platform I 48 Recent Advances in Technology: Great Yarmouth: from herring An Introduction to Deep fleets and funfairs to gas fields Learning – Part II and offshore wind farms. 52 Exploration: Insights into Exploration – Tools for a New Era 58 GEO Cities: Great Yarmouth – An Unlikely E&P Hub h 60 Industry Issues: Managing Funding Risks in E&P F@ 6 wI 64 Seismic Foldout: v Exploring West of Shetland w 70 GEO Media: 0 X 8 Geological Storage of CO2 72 Exploration Update p 74 Q&A: Women in the Energy Sector C 0 76 Global Resource Management GEOExPro November 2017 3 Unlock the power of Reservoir Analogs with 2.0 DAKS TM IQ 2.0 is now available with more With DAKS IQ you can quickly and easily field reports and new analytical tools. discover ways to optimize recovery, support your decision-making process, DAKS IQ is an analogs-based knowledge, and improve your overall financial reporting, and benchmarking platform performance across the entire E&P life that provides best practices and lessons cycle. Working in DAKS IQ means insights at learned from more than 1,500 of the your fingertips. world’s most important fields and reservoirs. Covering over 400 geological and To learn more about DAKS IQ, visit us engineering parameters, DAKS IQ unlocks online at ccreservoirs.com. the insights of what has and has not worked, where and why. TM ccreservoirs.com Editorial Deepwater Renaissance GEOSCIENCE & TECHNOLOGY EXPLAINED When the oil price plummeted www.geoexpro.com back in 2014, there were many Maersk who predicted it signalled the GeoPublishing Ltd end of deepwater exploration: the 15 Palace Place Mansion economics just would not allow it, Kensington Court these expensive wells needed an oil London W8 5BB, UK +44 20 7937 2224 price nearer $100 a barrel than $50, it was said. Attention turned to shales Managing Director and to getting as much as possible Tore Karlsson from existing portfolios in rather more accessible locations. Editor in Chief Jane Whaley But in the background, it seems The Maersk Venturer, which in 2016 broke the world record for the deepest water depth for an offshore oil rig after spudding a [email protected] there was a lot going on. About a year well off Uruguay more than 3,500m below the sea surface. ago I heard a representative from Editorial enquiries one of the supermajors confidently asserting that they had refined their deepwater drilling GeoPublishing Jane Whaley through modern technologies, lower rig prices and increased efficiencies, and now believed +44 7812 137161 they could make a profit on deepwater exploration with an oil price of $40 or less. All of a [email protected] sudden, deepwater exploration was back in the picture. At the Africa Oil Week in October www.geoexpro.com there were a number of talks focusing on the topic, including an entire session entitled ‘Is Marketing Director there a future for deepwater exploration?’ Several companies said they believed that deepwater Kirsti Karlsson drilling was now quite feasible with a breakeven full-cycle oil price of $30–$50 per barrel, +44 79 0991 5513 making it competitive with shale oil. True, the lead time from discovery to first oil is a lot [email protected] longer for a deepwater discovery, but the field life is longer too, without the steep decline rates common in unconventional wells. A return to deepwater will not be that easy. Only the most competitive deepwater projects will move forward, but terms have improved over the last few years, with cheaper entry, more flexibility and easier access to funds, on top of major technological advances. If any further evidence of this upsurge in interest in deepwater drilling was needed, it was given to us by the hugely increased level of interest in the recent Brazil pre-salt licensing round, the first where foreign companies were able to bid as operators since the vast oil Unlock the power of Reservoir reserves beneath the salt were discovered. Six of the eight well-contested, high potential deepwater blocks were awarded, with supermajors like Shell, ExxonMobil and Total among the winners. They obviously believe that deepwater exploration is back on the table. Subscription GeoPublishing Ltd Analogs with 2.0 +44 20 7937 2224 15 Palace Place Mansion Kensington Court TM London W8 5BB, UK DAKS IQ 2.0 is now available with more With DAKS IQ you can quickly and easily [email protected] field reports and new analytical tools. discover ways to optimize recovery, VOL. 14, NO. 6 – 2017 support your decision-making process, GEO EXPro is pub lished bimonthly GEOSCIENCE & TECHNOLOGY EXPLAINED DAKS IQ is an analogs-based knowledge, and improve your overall financial geoexpro.com for a base subscrip tion rate of GBP Jane Whaley GEOTOURISM reporting, and benchmarking platform performance across the entire E&P life 60 a year (6 issues). Editor in Chief Faroe Islands: HISTORY OF OIL: that provides best practices and lessons We encourage readers to alert us cycle. Working in DAKS IQ means insights at Europe’s Best Kept Secret The Barnett Shale learned from more than 1,500 of the your fingertips. to news for possible publication world’s most important fields and reservoirs. and to submit articles for publication. Covering over 400 geological and To learn more about DAKS IQ, visit us Cover Photograph: engineering parameters, DAKS IQ unlocks online at ccreservoirs.com. INDUSTRY ISSUES THE FAROES: EUROPE’S BEST KEPT SECRET Managing Funding Main: William Anderson/ Risks in E&P the insights of what has and has not Unspoiled, unexplored, unbelievable, as the Visit Faroes organisation Visit Faroe Islands GEOPHYSICS worked, where and why. says. Lake Sørvágsvatn on the island of Vágar seems to hang above Imaging Shallow Reservoirs through Inset: David Tibble the ocean, until it suddenly spills its contents into the sea via a steep, Innovation FRONTIER 30m-high waterfall. It is surrounded by glaciated cliffs and hills formed EXPLORATION Tools for a New Era Layout: Winslade Graphics by continuous lava flows. Print: Stephens & George, UK TM Inset: A well drilling into the Barnett shale in Texas. issn 1744-8743 © 2017 GeoPublishing Limited. Copyright or similar rights in all material in this publication, including graphics and other media, is owned by GeoPublishing Limited, unless otherwise stated. You are allowed to print extracts for your personal use only. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means electronic, mechanical, photographic, recorded or otherwise without the prior written permission of GeoPublishing Limited. Requests to republish material from this publication for distribution should be sent to the Editor in Chief. GeoPublishing Limited does not guarantee the accuracy of the information contained in this publication nor does it accept responsibility for errors or omissions or their consequences. Opinions expressed by contributors to ccreservoirs.com this publication are not necessarily those of GeoPublishing Limited. GEOExPro November 2017 5 Regional Update North West Europe: ABBREVIATIONS Attractive Investment Arena Numbers (US and scientific community) Oil production from shale formations and increased uncertainty around future M: thousand = 1 x 103 demand for oil has created less visibility around the viability of long cycle offshore MM: million = 1 x 106 oil production and exploration projects. North West Europe, a predominantly B: billion = 1 x 109 offshore region, will also be impacted by these large macro trends. Three lenses T: trillion = 1 x 1012 can be used to examine how we can think, observe and assess the different supply segments of oil and how they compete for available capital and resources. Liquids The first lens looks at how decision criteria has evolved from volume-based metrics barrel = bbl = 159 litre like production targets and reserve replacement in the US$100/bo era to profitability boe: barrels of oil equivalent indices, dividend protection and cash preservation in the downturn.
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