Dr Michael R. Smith

The discoveries during 2007 of Carioca in BM-S-9 and Sugar Loaf in BM-S-8 within the Santos Basin, as well as other discoveries in the region, are very significant in that they confirm the potential of the sub-salt play originally identified in Tupi (BM-S-11) in 2006. Tupi pointed to the potential of the area for further oil and gas accumulations buried beneath a layer of salt and these wells confirm that potential.

…large reserves numbers relayed by ANH, Colombia’s national hydrocarbons agency, whose aim is to set out details of a Colombian licensing round, must be taken in context. Especially when the numbers are conflated with a target output hoped for over a period of just a decade. It takes many years to develop heavy oil reserves even in accessible areas.

Around 95% of UK oil production has come from the North Sea. A little oil is also produced from onshore and the Irish Sea off Wales and near to 10% of output now comes from the southern part of the Norwegian Sea, west of the Shetland Isles but in total the UK has seen declining output since 1999.

SATIS – Egypt (offshore) announced in January 2008 Another gas discovery in a proven area Egyptian oil liquids production peaked in 1993 at just under 950,000 barrels per day, mostly from the Gulf of Suez and the Western Desert. It has been declining by an average of 2.5% per year ever since, despite increasing condensate and natural gas liquids production from its newly developed offshore shallow and deep water gas fields located in the gas-prone Nile Delta.