Exploration is Exploration is the action of a searching oil and gas, finding and taking them. The Exploration is a sequential process of information gathering with an idea or geologic model and discovery of petroleum and natural gas followed by licencing, land acquisition, appraisal, and actual test drilling and boring, etc.
Related Definitions in the Project: The Plant and Process Unit; Upstream Engineering
Example Article of the Exploration:
Offshore Oil & Gas E&P Staging A Comeback (Source: Oil Price on 10 March 2024): By Tsvetana Paraskova - The oil industry has found its newest exploration hotspot offshore Namibia. The high success rate of drilling and appraisal activity offshore Africa's southwestern coast is spurring Big Oil to boost acreage in the area and seek other exploration frontiers. After years of muted interest in high-impact frontier exploration due to the budget austerity after the 2015-2016 crash and the crash in demand during Covid, major international oil firms and their smaller junior partners are ramping up exploration again, hoping to find the next Guyana, where Exxon and Hess have discovered more than 11 billion barrels of oil in place. Offshore Namibia, the success rate in discoveries has been phenomenal so far—companies have confirmed 15 discoveries of commercial volumes of oil or gas out of 17 exploration wells drilled since February 2022, the Financial Times notes. ...
Net-Zero Goals Won’t Slow Down Oil Exploration (Source: Oil Price on 19 August 2023): By Irina Slav - Underinvestment in oil and gas exploration has been a scarecrow for energy security for several years now. Various industry executives, most notably perhaps those from the Middle East oil kingdoms, have warned that unless investment in new exploration rebounds, energy security will be compromised on a global scale. Wood Mackenzie recently had some good news for these executives: investment in new oil and gas exploration is recovering and is set to average $22 billion annually over the next four years. Despite the billions being channeled into the transition away from hydrocarbons. At the same time, there is a connection between the transition and the rebound in new exploration spending in oil and gas. That connection has to do with the new demands that the transition has created for exploration and production companies – pressure to focus on assets with a low emissions profile, for instance, and stricter environmental requirements that would make some discoveries unviable. ...
