ABSTRACT

Analysis of additions to reserves compared to cumulative exploratory well completions since the beginning of the U. S. petroleum industry clearly exhibits a close correlation between maximum exploratory effectiveness and applied technology. Surges of increased exploration results can be readily identified as those periods of optimum application of surface geology, reconnaissance subsurface and geophysical techniques, and prospect definition by intensive refraction and reflection seismic methods. The domestic petroleum industry can be optimistic about the opportunities for future effective exploration. Current technology is well advanced. Continuous refinements have improved its definitive capabilities and broadened its opportunity for application. Additional technological development can be expected from the heavy expenditures on research and development currently being made by the petroleum industry, as well as associated industries and the Federal Government. There should be no concern about the opportunities to apply this technology when the volume of unexplored sedimentary section of the United States is considered. Tremendous opportunities for new reserves lie in the 350,000 square miles of potential and almost totally unexplored continental shelf surrounding the North American continent. The exploration professions should place more emphasis on how to apply existing and future technology to generate a maximum of exploratory opportunity. This will require conceptual adjustments in exploration approach. Exploration staffs must have available full technical capability of all the skills and talents which can contribute to more effective exploration. Well-conceived programs must utilize each of these professional skills to the extent it can contribute, as opposed to the frequent practice of attempting to employ one technique beyond its capability and failing to utilize others which could make significant contributions. Organization must be compatible with optimum developments of technical capability and provide sufficient flexibility to bring the maximum of talents and judgment to bear in the development of concepts and formulation of programs. Management must confidently support the application of technology in the discovery of new reserves. They must be knowledgable of the inherent risk in exploration and willing to include in their planning sufficient financial support to provide for adequate exposure to exploration opportunities to offset this inherent risk and take maximum advantage of applied technology.

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