• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 20 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 3 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days "How China Could Send LNG Prices Into The Stratosphere" by Irina Slav
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 5 days The Federal Reserve and Money...Aspects which are not widely known
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 8 days "Oil-funded Rockefeller Foundation centers fight for climate" - Associated Press
Russia Displaces Saudi Arabian Oil In India

Russia Displaces Saudi Arabian Oil In India

Russia’s share of the Indian…

Libya Raises Oil Production To 1.1 Million Bpd

Libya Raises Oil Production To 1.1 Million Bpd

Libya, plagued by port blockades…

Oil Dips Amid Renewed Demand Concerns

Oil Dips Amid Renewed Demand Concerns

Oil prices plunged by 4%…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

Two Big Oil And Gas Finds In Unexpected Places

The old adage in resource exploration is -- you need to use old technology in a new area, or new technology in an old area.

And last week we got not one, but two, confirmations that the new technology in old areas route can lead to big discoveries.

The first came in offshore Egypt. Where Italian major Eni announced that exploratory drilling had discovered a "supergiant" natural gas field. Which could contain over 30 trillion cubic feet of reserves. Related: This Oil Major Hasn’t Lost Faith In Subsea Drilling

That would make the field the largest ever discovered in the Mediterranean Sea. And the new discovery -- called Zohr -- could in fact turn out to be in one of the largest in the world.

The offshore Egyptian waters aren't hyper-mature, the way the U.S. Gulf of Mexico is -- with the Zohr discovery well being drilled to a relatively moderate depth of 1,450 meters.

But there has been a lot of exploration here over the years. And few observers were expecting a discovery of this scale to come within the area. Related: Not Everyone Is Happy About Egypt’s Latest Gas Discovery

Fewer expected a new find in completely different part of the world -- which last week got approval to develop into one of the biggest new-field operations in Europe. The Culzean discovery in the U.K. North Sea.

Last week, U.K. regulators gave development approval to the massive field, which was discovered by Danish conglomerate A.P. Moller-Maersk in 2008.

Maersk -- along with partners BP and JX Nippon Oil -- will now spend $7.8 billion to develop and operate Culzean. Which is one of the largest discoveries in the North Sea in the last decade, expected to produce up to 500 million cubic feet of natgas per day at its peak -- enough to meet 5 percent of U.K. gas consumption. Related: EIA On Board With Lifting U.S. Crude Export Ban

This is a true brownfields discovery, being drilled at a depth of 4,500 meters. The field is high-pressure and high-temperature -- one of the factors that led to such a long lead time in getting the development permitted.

But with new technology it is going ahead. Showing that big finds are still out there in unexpected places -- for developers with the right tools and techniques.

Here's to making the old new again,

Dave Forest

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News