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Global market forecast

Undoubtedly, with the resumption of ? nding gas offshore Western Australia. 40 con? rmed plays across the NCS and bid rounds in 2013 (following a hiatus Eni successfully drilled the Evans Shoal 33 additional uncon? rmed plays, one that started in 2009 as the government North-1 appraisal well in the Timor Sea. of which will enter the con? rmed list established the pre-salt regulatory frame- Chevron also had success in April 2013 for 2014 following the recent Gohta work), many believe that Brazil is going to in the Carnarvon basin, encountering discovery in the Barents Sea. The continue to attract inward investment. about 40m of net gas pay in the upper Gohta discovery (7120/3-1 well, October

Mungaroo sands at the El? n-1 well. 2013) proved petroleum in a Permo-

The Arctic

Santos has had a string of successes in Carboniferous carbonate reservoir (Røye

In 2008, the US Geological Survey the Jurassic Angel and Triassic Mungaroo Formation). A 25m gross gas column estimated that the undiscovered, techni- formations in the Carnarvon basin, as was found above a 75m gross oil column cally recoverable hydrocarbon reserves well as those at Crown, Bassett West, and in karsti? ed and dolomitized limestone. in the Arctic include 90 billion bbl of oil,

Bianchi. Shell has ? agged that innova- With technological advances helping 1670Tcf of natural gas, and 44 billion bbl tion will play a key role in the competi- to image the subsurface more than ever of natural gas liquids. These ? gures sug- tiveness of Australia’s LNG industry, as before, the ability to ? nd such resources gest that the region will add greatly to the global production grows substantially in should improve signi? cantly. undiscovered conventional

Ireland is an area which is global hydrocarbon reserves. experiencing an upsurge in

Russia is actively ramping industry interest, with drill- up its exploration activities ing likely in 2014 following and engagement with interna- the 2013 Dunquin North well tional oil industry players to in the Porcupine basin. PGS explore its offshore potential has acquired a 3000km 2D in the Barents and Pechora survey to better delineate

Seas. Recently, PGS together the Fastnet and Celtic basins with Geology Without Limits, area to the southwest of the acquired a regional program

Barryroe ? eld. This was of 2D covering the Barents acquired simultaneously with and Kara Seas within the towed electromagnetic data, framework of an international with some impressive results.

Ramform Titan acquired her ? rst multi-client survey in scienti? c program.

There are, of course, many

Northwest Europe in 2013.

We’ve also been working other areas that I haven’t for many years on the Norway side of the next decade, with supply from sev- mentioned that the industry would the Barents Sea. Here, the Wisling and eral sources expected to rise signi? cantly. consider having very strong potential.

Generally within Southeast Asia,

Skrugard discoveries have created a lot of The opportunity to constantly explore advances in deepwater production tech- interest. OMV recently released news of and forge new ground is what makes nology, innovations in circumventing a discovery in September 2013, uncover- this industry such an interesting place the lack of infrastructure in some parts of ing a reservoir that could contain up to to be in. The risk involved is part and the region, and the strong growth in the 160MMbbl of recoverable oil. Statoil and parcel, but our focus is on investing in regional gas market in Asia also mean proj-

OMV also announced another discov- new technology, utilizing innovative ects previously considered economically ery in the Hoop area of the Norwegian techniques and geological understanding unviable are now being explored again.

Barents Sea in the same month, expected to reduce that risk. We’re keeping an eye to range from 65-165MMbbl of oil. Oil on the areas around the world that show

Northwest Europe companies are increasing their focus on the best exploration potential – and this the Barents Sea, with several wells in the Offshore Europe is a more mature but continues to inform our seismic acquisi- pipeline. The previously disputed zone competitive area, with recent new large tion strategy. with Russia is being opened up, with discoveries ensuring that it remains in the Norwegian government encouraging many oil companies’ exploration plans. Tom Ziegler is Vice the acquisition of new data to enable the The potential of this region is exciting: President of Global exploration of this area that is thought to the Norwegian Petroleum Directorate MultiClient at have high hydrocarbon potential. (NPD) currently estimates undiscovered Petroleum Geo- recoverable resources on the Norwegian Services, based in

Southeast Asia

Continental Shelf (NCS) at 935-5420 London. He joined 2013 has been a good year for Australia, million scm oe. The UK government’s PGS in 1995, focused with a continued natural gas discoveries Department of Energy and Climate Change on exploration in the Carnarvon basin offshore Western suggest that UK oil reserves range from offshore Europe and Africa, and became

Australia and one of the biggest onshore 405-1064 million tonnes and natural gas head of MultiClient for EAME in 2003. oil discoveries ever at Coober Pedy. reserves range from 244 - 699bcm for Prior to PGS, he worked as a North Sea

Since 2009, there have been 21 ? elds already in production, under devel- geologist for Clyde Petroleum. Ziegler offshore discoveries, which together opment, or where development plans are earned a BSc in Petroleum Geology at amount to 10Tcf. Apache and Santos, in discussion. Imperial College London and an MBA at in particular, have had success in 2013 The NPD states that there are currently the University of Strathclyde.

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