Oil 101 - Introduction to Exploration
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Oil 101 - A Free Introduction to Oil and Gas Introduction to Oil and Gas Exploration This brief overview of exploration includes segments on exploration processes, some historical perspective including an explanation of hydrocarbons, and finally we’ll discuss the ‘basin-play concept’. There are 4 key steps to summarize the oil and gas exploration process: First is understanding and evaluating the geologic setting, called a play, Next is obtaining access to the potential reserves usually in the form of a lease. The third step is determining where to drill and completing a successful discovery or “wildcat” well. Finally, additional hydrocarbon reserves can be added to the portfolio of an oil company using guidelines set by the Society of Petroleum Engineers (SPE) and the US Securities and Exchange Commission (SEC). Oil and gas is composed of compressed hydrocarbons. It was formed millions of years ago in a process that began when plant and animal remains were covered by very deep layers of sediment – minute particles of rock and minerals. With time, extreme pressure and high temperatures, these particles became a mix of both solid (coal) and liquid hydrocarbons. Even diamonds are a form of hydrocarbons. Early oil discoveries were traced from natural hydrocarbon seeps at the surface. Many major fields of California, Oklahoma, Mexico, Iran, Iraq and Indonesia were related to surface hydrocarbon seeps.
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Oil 101 - Introduction to Exploration
- 2. EKTINTERACTIVE.COM EXPLORATION This Exploration overview includes: Exploration Processes History of Exploration What are Hydrocarbons The Basin-Play Concept
- 3. EKTINTERACTIVE.COM Key Steps in Exploration
- 4. EKTINTERACTIVE.COM The Play Step 1: Understand and evaluate the geologic setting, called a play.
- 5. EKTINTERACTIVE.COM Obtaining a Lease Step 2: Obtain access to the potential reserves usually in the form of a lease.
- 6. EKTINTERACTIVE.COM Drilling a Wildcat Well Step 3: Determine where to drill and complete a successful discovery or “wildcat well.”
- 7. EKTINTERACTIVE.COM Recognizing Reserves Step 4: Add additional hydrocarbon reserves to the oil company portfolio using guidelines set by the Society of Petroleum Engineers (SPE) and the US Securities and Exchange Commission (SEC).
- 8. EKTINTERACTIVE.COM What are Fossil Fuels? Oil and gas are composed of hydrocarbons, a mixture of hydrogen and carbon atoms, formed millions of years ago.
- 9. EKTINTERACTIVE.COM Early hydrocarbon discoveries were usually traced from natural seeps at the earth’s surface. Early Hydrocarbon Discoveries
- 10. EKTINTERACTIVE.COM Developments in the science of seismology added necessary tools and analytics to improve success in oil and gas exploration. Introduction of Seismology
- 11. EKTINTERACTIVE.COM The introduction of refraction technology to find salt domes with oil and gas potential in the US Gulf Coast began in the 1920’s. Refraction
- 12. EKTINTERACTIVE.COM Seismic advances during World War II continued the innovation that aided the search for oil. Advances in computing power since the 1980’s allowed for development of 3-D seismic surveys. 3-D technology increased the use of seismic datafor oil and gas production as well as exploration. Seismic Goes 3-D
- 13. EKTINTERACTIVE.COM Join now for access to free eBooks, members only forums, and a growing body of digital learning content. Free eBooks include: History of Oil Upstream Fundamentals Midstream Fundamentals Downstream Fundamentals Business Processes/Risk Management Industry Trends Learn More!
- 14. EKTINTERACTIVE.COM Exploration - Finding Reserves The primary purpose of exploration is to discover new accumulations of hydrocarbons, called reserves.
- 16. EKTINTERACTIVE.COM What is a Basin? A basin is a very large geographic area containing sediments formed in a similar geological age like the Permian Basin in West Texas.
- 17. EKTINTERACTIVE.COM What is a Play? A play is a location, or group of locations, with oil and/or gas potential within a basin.
- 18. EKTINTERACTIVE.COM The indication of potential for faults or traps become drilling targets, called a drilling prospect. Drilling Prospects
- 19. EKTINTERACTIVE.COM Before the Play Concept Prior to the play concept, exploration risk analysis concentrated on a single prospect often without technically considering its relationship to other similar prospects.
- 20. EKTINTERACTIVE.COM Play Concept - Reducing Risk Today, the play concept gives explorationists the ability to leverage successes and reduce risk across numerous wells, reservoirs, and fields as they explore for new hydrocarbons and enhance existing oil and gas accumulations.
- 21. EKTINTERACTIVE.COM An Iterative Process Exploration is very iterative. Every lease investment in a play and well drilled to define the size of the reservoir improves exploration success.
- 22. EKTINTERACTIVE.COM Reservoir Delineation Data from both positive and negative wildcat wells helps delineate the discovered reservoir and every additional well and downhole measurement improves the understanding of the field.
- 23. EKTINTERACTIVE.COM There's More? This Intro to Exploration material was taken from our Oil 101: Introduction to Oil and Gas course.
- 24. EKTINTERACTIVE.COM EKT Interactive staff have provided oil and gas training since 1986. Visit us at www.ektinteractive.com to learn more. Who are we?
Notes de l'éditeur
- Hi, and welcome to Oil 101, the podcast. My name is Doug Stetzer and I’m content and community manager for EKT Interactive. As we continue our Oil 101 - ‘Microbes to Market’ coverage, we will be discussing the Exploration function of upstream. This content is taken from our Upstream e-learning modules which were developed by industry experts with decades of experience. More content on this topic is available in the free member’s content library at www.ektinteractive.com. And we’ll be sure to put relevant links to our Upstream, Midstream, and Downstream overviews in the program notes.
- This brief overview of exploration includes segments on exploration processes some historical perspective including an explanation of hydrocarbons, and finally we’ll discuss the ‘basin-play concept’.
- There are 4 key steps to summarize the oil and gas exploration process:
- First is understanding and evaluating the geologic setting, called a play,
- Next is obtaining access to the potential reserves usually in the form of a lease,
- The third step is determining where to drill and completing a successful discovery or “wildcat well.”
- Additional hydrocarbon reserves can finally be added to the portfolio of an oil company using guidelines set by the Society of Petroleum Engineers (SPE) and the US Securities and Exchange Commission (SEC).
- So what exactly are fossil fuels and how did they form? Oil and gas are composed of hydrocarbons, a mixture of hydrogen and carbon atoms, formed millions of years ago.
- Early hydrocarbon discoveries were usually traced from natural seeps at the earth’s surface.
- When searching beyond obvious seeps, developments in the science of seismology added necessary tools and analytics to improve success in oil and gas exploration.
- The introduction of refraction technology to find salt domes with oil and gas potential in the US Gulf Coast began in the 1920’s.
- Seismic advances during World War II continued the innovation that aided the search for oil. Advances in computing power since the 1980’s allowed for development of 3-D seismic surveys leading to more accurate and realistic imaging of the sub surface. 3-D technology increased the use of seismic data for oil and gas production as well as exploration.
- This podcast episode is brought to you by EKT Interactive’s Oil 101 - a free Introduction to oil and gas. Within this free, members-only content area you’ll find eBooks on oil and gas industry fundamentals, relevant articles on key oil and gas topics, and a growing body of digital learning content. Claim your free membership and join the Oil 101 learning community at www.ektinteractive.com today.
- As you know, the primary purpose of exploration is to discover new accumulations of hydrocarbons, called reserves.
- An important development in exploration progress was more conceptual than technological. The basin-play concept was developed in Canada in the early 1970s and is still used today.
- A basin is a very large geographic area containing sediments formed in a similar geological age. An example would be the Permian Basin in West Texas.
- A play is a location, or group of locations, with oil and/or gas potential within a basin.
- Within a play, the indication of potential for faults or traps become drilling targets, called a drilling prospect.
- Prior to the play concept, exploration risk analysis concentrated on a single prospect often without technically considering its relationship to other similar prospects.
- Today, the play concept gives explorationists the ability to leverage successes and reduce risk across numerous wells, reservoirs, and fields as they explore for new hydrocarbons and enhance existing oil and gas accumulations.
- Exploration is very iterative. Every lease investment in a play and well drilled to define the size of the reservoir improves exploration success.
- Data from both positive and negative wildcat wells helps delineate the discovered reservoir and every additional well and downhole measurement improves the understanding of the field.
- Thanks for listening, and we hope you’ve learned a few things about the Exploration function of upstream in the oil and gas industry.
- Be sure to share this as you see fit, and review us on itunes if you have a chance. Your feedback really helps us improve as we move forward. If you want more information about our Oil 101 “Microbes to Markets” course content go to www.ektinteractive.com and register to access our free content library. Thanks, and we’ll see you next time.