Cheap Oil and the Dawn of Ultra Deep Water Exploration

In the search for the future giant fields in any unexplored setting, we propose that the best starting point is to evaluate all elements of the petroleum system. For the Atlantic deep to ultra-deep water environment the challenge is identifying a potential source rock with the right burial conditions and thermal regime to be mature to produce hydrocarbons. This challenge has been addressed by using an extensive seismic database which has allowed a detailed conjugate margin analysis integrating available well results, sediment thickness from seismic data and geothermal gradient modelling using various methodologies. Reservoir presence and quality, as well as trap integrity and seal efficiency, have all been evaluated using deep water depositional models, seismic data and evidence from available wells, including results from the major recent discoveries in NW Africa. Play fairway evaluation together with an analysis of the current oil price scenario has indicated that this is the next giant play fairway to be tested on a global scale.