Deepwater Gulf of Mexico 2004: America's Expanding ... - OCS BBS

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Number of Leases Issued 600 400 200 0 0 20 40 60 80 100 Number of Leases Drilled Figure 77a. Relationship between number of leases issued and number of leases drilled, 1974-1993. 600 Number of Leases Issued 400 200 0 0 5 10 15 20 25 Number of Producing Leases Figure 77b. Relationship between number of leases issued and number of resulting producing leases, 1974-1993. 100 Number of Leases Drilled 50 0 0 5 10 15 20 25 Number of Producing Leases Figure 77c. Relationship between number of leases drilled and number of resulting producing leases, 1974-1993. 110
4,500 4,000 3,500 Leases tested Leases expiring Untested leases in primary term 3,000 Number of Leases 2,500 2,000 1,500 1,000 500 0 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Year Figure 78. The challenge of deepwater lease evaluation. from these sales, 11 of these wells resulted in announced discoveries. Figure 78 shows a steep decline in active leases as the large number of leases acquired in 1996 through 1998 start to expire. Note that this graph does not include the hundreds of new leases that will be added to the inventory each year from upcoming lease sales. The available deepwater rig fleet will challenge industry’s ability to evaluate their lease inventory, both current and future additions. Other factors play a significant role in the industry’s ability to evaluate their GOM lease inventory, including alternative deepwater exploration and development targets throughout the world, capital limitations, and limited qualified personnel. EXPANDING FRONTIER It is instructive to look back to the earlier deepwater reports (figure 79) and observe the dramatic increases in proved reserves and discovered volumes (which include proved and unproved reserves, resources, and industry-announced discoveries). Many of the discovered volumes in earlier reports have progressed to become proved reserves in subsequent reports. For example, in the last report, Thunder Horse was in the discovered-volumes category, and in this report its volumes are classified as proved reserves. While both proved reserves and discovered volumes have substantially increased from report to report, the most dramatic increases have occurred in the discovered volumes. This suggests a bright outlook for future deepwater production, as the less constrained resource and industry-announced volumes move into the reserve category and are produced. The future of deepwater GOM exploration and production remains very promising. As shown in figure 78, industry is nearing the end of the primary lease term of the exceptional number of leases acquired in 1996 through 1998. Traditional deepwater minibasin plays are far from mature, as several recent discoveries attest, and new deepwater plays near and even beyond the Sigsbee Escarpment, beneath thick salt canopies, and in lightly explored Paleogene reservoirs show that the deepwater GOM is an expanding frontier. As shown in figure 57, the immature deepwater creaming curve predicts that numerous large undiscovered fields remain. The 2000 Assessment indicates that more than 50 billion recoverable BOE remain to be discovered (Lore et al., 2001). 111
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ON COVER - The cover features four
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Table of Contents Page PREFACE.....
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Figures Page Figure 1. The Gulf of
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Figures — continued Page Figure 5
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Tables Page Table 1 List of Deepwat
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INTRODUCTION The deepwater Gulf of
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BACKGROUND DEFINITIONS The GOM Oute
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EXPANDING FRONTIER When the origina
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1992 - 1993 Louisiana Mississippi A
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1992 - 2003 Texas Louisiana Mississ
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fffffffffffffffff 1500 ft Quaternar
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In addition to the traditional oil
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15 Figure 8. Gas hydrates on the se
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4,500 4,000 Number of Active Leases
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ENVIRONMENTAL ACTIVITY The extensiv
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Operators submit a remotely operate
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25 Figure 15. Loop and eddy current
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29 Deepwater Discoveries $ #Y Texas
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31 Texas ð PORT ARANSAS 1000 ft 15
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Louisiana Mississippi Alabama 33 Te
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Pipelines New pipelines Proposed pi
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LEASING Until the mid-1990's, leasi
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Number of Leases Bid On 600 500 400
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Page 57 and 58:
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2004 - 2005 (741 leases) Louisiana
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DRILLING AND DEVELOPMENT Deepwater
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49 Figure 30. The Discoverer Deep S
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51 Number of Wells Spudded 250 200
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120 > 7,500 ft 107 108 100 5,000 -
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Page 73 and 74: 180 160 Deepwater EP Deepwater DOCD
Page 75 and 76: 340 626 390 472 472 456 393 475 590
Page 77 and 78: Year of First Production Table 4 De
Page 79 and 80: Year of First Production Table 4 De
Page 81 and 82: A predominant workhorse of the GOM
Page 83 and 84: 3 Number Installed 2 1 0 2004 69 TL
Page 85 and 86: Flow lines to host platform Subsea
Page 87 and 88: 140 131 120 100 78 Number of Wells
Page 89 and 90: RESERVES AND PRODUCTION The deepwat
Page 91 and 92: 77 Million Barrels of Oil Equivalen
Page 93 and 94: 18 16 14 12 10 8 Number of Fields 6
Page 95 and 96: 81 Million Barrels of Oil Equivalen
Page 97 and 98: 45,000 40,000 Million Barrels Oil E
Page 99 and 100: 1992-1993 1994-1995 1996-1997 Lease
Page 101 and 102: S hallo w- wa ter GOM 11% Deepwater
Page 103 and 104: 1,200,000 1,000,000 Total productio
Page 105 and 106: 1,100,000 1,000,000 Subsea oil Tota
Page 107 and 108: 900,000 800,000 Majors Nonmajors 70
Page 109 and 110: 45,000 40,000 Max oil rate 1,000-1,
Page 111 and 112: 4,000 3,500 Shallow water Deepwater
Page 113 and 114: Texas Auger Louisiana SS182 Troika
Page 115 and 116: SUMMARY AND CONCLUSIONS This report
Page 117 and 118: 2,500 Number of leases Average U.S.
Page 119 and 120: Number of Years 14 12 leas es in p
Page 121 and 122: data for this analysis include only
Page 123: 80 2500 70 60 Number of leases dril
Page 127: • Nonmajor companies have made mo
Page 131: REFERENCES Bascle, B. J., L. D. Nix
Page 134 and 135: Project Name Area/Block Water Depth
Page 146 and 147: Sale Number Sale Location Sale Date
Page 148 and 149: Completed Studies [MMS Study Number
Page 150 and 151: Group Name Company Name MMS Number
Page 152 and 153: Group Name Company Name MMS Number
Page 154 and 155: Appendix G. Subsea Completions. Are
Page 156 and 157: Area Block API Number Operator Comp
Page 158 and 159: Area Block API Number Operator 144
Page 164 and 165: Year Shallowwater Oil (MBOPD) Deepw
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