Blog & News

Getting Value from Geophysics

Tue 20 September 2016

Category: Conference, Geophysics, London

Article by Stephen Pickering

On the news this morning I heard that oil prices have risen slightly after it was reported that US oil stocks have declined, pundits are predicting a more significant rise in 2017 as demand outstrips supply. Of one thing we can be sure the world’s population is continuing to grow. Despite the substitution of Uber-style car sharing and improved engine efficiency, populations in non-OECD countries will aspire to owning a car as their disposable incomes increase, and so too the demand for oil.  Maybe the end of the current industry recession is nearing an end, hurrah!  Investment analysts Bernstein have modelled the future oil production and estimate peak oil demand of 108 mmbo/d in the period 2030 to 2035 so our industry may have a bright future at least in the next 10 – 20 years.

The challenge for Geophysics today is to make yet another step change in performance; integration, cost reduction, improved productivity but most importantly increased accuracy of our measurements and risk reduction.  Now is the time to plan our recovery to ensure that we can find and produce the oil needed to satisfy the future demand, as we explore for more difficult to find hydrocarbon traps.

The Petroleum Exploration Society of Great Britain (PESGB) will host a seminar at the Geological Society, Piccadilly on 27th/28th September on the theme of Getting Value from Geophysics: Economy, Efficiency and Effectiveness for Low Oil Prices. The aim of this seminar is to stimulate ideas and discussion around just how we can make such a step change in the 21st Century, and to reassure industry analysts and investors that now is the time to invest once again in our industry.

Come and join us http://pesgb.org.uk/events/event-316/

 

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