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The Leading Edge; July 2001; v. 20; no. 7; p. 698-704; DOI: 10.1190/1.1487280
© 2001 Society of Exploration Geophysicists
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Giant field discoveries of the 1990s

Henry S. Pettingill

Repsol YPF, Madrid, Spain

Corresponding author: hpettingill@repsol-ypf.com

The first 20% of the full text of this article appears below.

This paper summarizes the geologic and geographical characteristics of 76 discoveries exceeding 500 million bls oil equivalent (recoverable) during the last decade. Most new oil giants are in the Gulf of Mexico, Mexico, Brazil, North Africa, West Africa, and the Middle East. Gas giants are concentrated in South America and along a swath from the Caspian, through the Middle East and Asia to Australia (Figures 1 and 2). Five overlapping themes play a significant role—close-in exploration (redrills, extensions, deeper pools, step-outs in a trend); deeper targets; new frontiers in the deepwater Cenozoic; increased gas exploration; and advances in technology.


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  		Figure 1. Oil discoveries exceeding 500 million bls oil equivalent made in 1990–1999. Many have associated gas.

 

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  		Figure 2. Gas discoveries exceeding 500 million bls oil equivalent made in 1990–1999. Gas giants are concentrated in South America and along a swath from the Caspian/Middle East to Australasia.

 
The 76 discoveries each exceed 500 million bls oil and total 98 billion bls oil equivalent (Figure 3). Total reserves are 35 billion bls oil, 7.5 billion bls of condensate and 330 trillion ft3 gas. Oil and gas discoveries are roughly equal; however, gas and condensate account for two-thirds of recoverable resources. "Oil discovery" is defined here as greater than 40% oil.


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  		Figure 3. Total of technically recoverable resources from the 76 giant oil and gas discoveries in 1990–1999.

 
Considering only rank wildcat discoveries, about 15% of the giant reserves have been developed. Most remaining giant discoveries have been appraised. Figure 4 shows the chronology of the recoverable resources from the discoveries, as well as the relative amounts that are appraised and developed. These giant fields account for a 4.1 billion bls oil/condensate and 33 trillion ft3 annual addition to supply during the decade. This compares to 1999's annual consumption of 26.7 billion bls and 81.1 . . . [Full Text of this Article]






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