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The AAPG/Datapages Combined Publications Database
Houston Geological Society Bulletin
Abstract
Abstract: The Outlook for Domestic
Petroleum Exploration
By
High demand and increased oil and gas prices gave rise to
the recent peak period of petroleum exploration. Weakening of
demand because of conservation, more efficient use of oil and
gas, shifts to other fuel sources and lowered industrial use
because of economic recession precipitated the abrupt decrease in the intensity of exploration activities. Exploration
cycles are not new, but the recent cycle has been particularly
noticeable because of the sharpness of the rise to the peak
followed by an equally sharp drop.
Prior to the latest exploration cycle, the reserves of both oil
and gas were falling. With the increased exploration and
attendant newly discovered reserves, this persistent decrease
was arrested for a brief period, and there were indications that
the reserves may even have increased slightly. To ascertain
whether or not this increase could be maintained, it would
have been necessary to continue high levels of exploration.
The recent decrease in exploration activity however made it a
certainty that the U. S. will not be able to maintain its present
reserve position. A new period of increased, more effective
exploration is necessary if this situation is to be corrected.
The discovery of huge fields, similar to Prudhoe Bay in
size, could dramatically change our reserve picture, but it
seems unrealistic to believe that there are many of these great
accumulations left around. Nevertheless, accumulations in
the 100 million barrels of oil equivalent plus range, are in the
realm of possibility, and could add significantly to our reserves
if exploration is active and successful enough to find them. In
addition, a vigorous search for oil and gas accumulations of
smaller, but still profitable size could further bolster the
reserve additions so that the production ratios of both oil and
gas could be maintained at a stable level.
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