Terra Exploro. Standpoint
on the Industry and problems
it can help resolving
Over the past several years the issue of oil and gas reserves has significantly exacerbated. In 2004 Oil giants like Shell had to revise and drastically reduce previously reported figures on their reserves. (Oil & Gas Magazine, April 2004).
As a result, we are now witnessing astounding hikes in prices for natural resources leading to global economic instability and other detrimental political and economic consequences, threatening price and industry stability. One of the major factors that led to this situation was the rollback of geological and exploration work at the close of the 20th century. New cadre entering the field has dwindled to all-time lows.
The number of geologists specializing in exploring new territories has greatly declined since then on a worldwide basis. Many of the existing ones have reached their retirement age and most likely will opt out. "I think it is going to be very tempting and a real challenge for companies to keep their senior professionals and stop them from cashing out and enjoying retirement" - John Sherwood, CEO of Anglo-Suisse. (Oil & Gas Magazine, January 2006, p.31)
The paradigm of the exploration work has suffered the consequences as well. Everything is done in blocks now, disregarding the full geological/exploration cycle. Previously, any type of activity was preceded by thorough regional geologic exploration, most of the time encouraged and sponsored at the government's expense.
Using the block approach encourages companies to explore a narrow area, disregarding the techniques for getting a bigger picture by examining wider regional areas. Besides, regional work normally falls into hands of universities that more often than not face financial constraints, bringing about a gap between regional geological models which tend to be overly theorectical and detailed geological models which tend to lack a bigger picture and most of the time carry a significant costs with them.
Previously, test drilling locations were easier to determine because the territory had already been explored and analyzed by mapping geologists' preliminary campaigns, and then by geologists-explorers. Nowadays, this practice is considered unpredicatble and the discoveries are rather random. Currently, there is an array of technological means available that can be used to improve and concentrate exploration efforts. Known as remote sensing methods, they are one of the newest inventions in seismic surveying and analyzing its results.
By combining the latest techniques and experienced specialists who work in a coordinated environment, we offer the opportunity of considerably narrowing down the area of the exploration, and then planning exploration works based on educated approaches stemming from the entire group's expertise.
The group authoring this document represents the last reserve, the core, a dying breed of classical geology science of the 20th century. Viturally anything and everything that is used today for oil and gas exploration has been established by this generation of geologists that this group belongs to. They are ready and available to assist or even take charge of the complete research and development cycle.
TerraExploro's techniques used for prospecting makes this offer unique, including our geologists' know-how and top-notch experience are irreplacable. These methods help narrow down the areas rich in natural resources thereby curtailing exploration, seismic and other expenses associated with exploration costs.
Industry overview by its leaders:
On oil/gas exploration:
“...clearly in the US there is a shortage [of prospects]. That is why we have high gas prices, because we are not producing as much oil and gas and we are not producing enough because we cannot find it [in places that are easy to get to] anymore” - David Trice, CEO of Newfield Exploration, Oil & Gas Magazine, January, 2006. p. 32.
“There is no shortage of oil and gas in the ground. But quenching the global thirst for them will call for a major investment in the modern technologies” - Claude Mandil, Executive Director of International Energy Agency.
“The world, according to the [IEA] study, contains at least 20 trillion boe of oil and gas, about half of it conventional and 5 to 10 trillion boe now technically recoverable” - Oil & Gas Magazine, January, 2006, p.38.
On expertise needed to find natural resources:
“…We don't have sufficient depths of really experienced talent we can pull on…” - Louis Raspino, CEO, Pride International, Oil & Gas Magazine, p.32.
“Over the past 10 to 15 years there has been a gap where we kind of lost a generation of workers who were not attracted to the industry, and that is definitely a hole that needs to be filled.” - Park Sharper, president of Kinder Morgan, Oil & Gas Magazine, p. 29.
GLOBAL petroleum PROSPECTING