In this First Break article from June 2023, TGS' experts Adriana Citlali Ramírez, David Went, Bent Kjølhamar and Reidun Myklebust illustrate how exploration can be fast-tracked and risked through the use of modern multi-client seismic data.
Less than two years ago, conversations about the need for oil and gas were almost frowned upon. That was the effect of the pandemic and a laudable worldwide focus on an accelerated path to Net Zero with a specific subset of technologies and energy solutions. This changed the global exploration outlook. It hugely reduced budgets, limited exploration to infrastructure-led targets within mature areas, enforced low-risk E&P strategies, pressed hard on geophysical contractors, and promoted personnel reductions worldwide. In short, the industry shrank, slowed down, and struggled.
Well before the end of 2021, the fact that Europe needs huge amounts of gas to pull through the winters, their increasing supply problem, and their strong reliance on Russian gas were all known, though not always acknowledged. According to the World Economic Forum, in 2021 all but two European countries included gas in their energy mix. However, the increased investment in alternative energy solutions was not enough to curtail Europe’s increasing demand for gas that winter. This is due to their inherent intermittency, uncertain supply, volatile prices, and a very low power density. In addition to these facts, the geopolitics in early 2022 completely changed the world’s focus when it comes to energy. The events leading to the ongoing war in Ukraine, have exacerbated Europe’s need for gas, and refocused the energy conversation towards energy security. These events have highlighted the impact that a shortage of gas has, disrupting economies, supply chains, the sovereignty, and security of countries. They have also led to a recognition of gas as a key fuel for the energy transition. Furthermore, outside Europe, the
LNG demands from China and India are also increasing, while a consistent supply from Russia remains uncertain.
Figure - New 3D data processing approaches on the western flank of the Atlantic margin, including DM FWI velocity modelling, has changed interpretability of intra and sub basalt targets. The Figure has the velocity field overlaid, and this helps the interpreter assess hardness of the underlying rifted terrain including basement horsts. The dotted blown line is near the top of an older fast velocity high with interpretable faults and the orange line is Bougher gravity. Isolated slower velocity layers in green blue, between flood basalt above and fast velocity, rifted terrain below indicate sediments with preserved reservoir quality, potentially containing hydrocarbons.
Norway is well positioned to further rescue Europe and fuel the energy transition. For starters, the Norwegian Petroleum Directorate estimates that more than 20 billion barrels of oil equivalent remain to be found within their borders. A year after the geopolitical turmoil highlighted above, with a worldwide agenda of energy security and higher gas prices, oil companies are refocusing their exploration target areas, and their appetite for higher risk and higher rewards outside mature prolific basins. This includes the hugely underexplored Møre and Vøring basins in the Norwegian Sea’s Atlantic Margin. To our knowledge, there are no basins as under-explored and as proximal to major energy markets as these basins. Thus, they are not full-frontier, isolated
basins. They already contain huge producing gas fields (Aasta Hansteen and Ormen Lange). Today, it is possible to obtain a second opinion of relinquished gas discoveries and identify new drillable targets adding critically needed volumes from these deep-water terrains. The purpose of this article is to illustrate how exploration can be fast-tracked and risked through the use of modern multi-client seismic data.
Read full article here.