bruin wrote:The interesting thing in these countries is that they subsidize the cost of fuel. With oil going up, these governments are going to go into debt or pass it along. So the uptick there will be far greater for the common folks then for the US or Europe.
bruin wrote:The interesting thing in these countries is that they subsidize the cost of fuel. With oil going up, these governments are going to go into debt or pass it along. So the uptick there will be far greater for the common folks then for the US or Europe.
Posted on Wed, May. 07, 2008
Nido Identifies 11.6 Billion Barrels of Oil-in-Place Potential; Seeks a Strategic Partner
By Nido Petroleum Ltd
PERTH, Australia, May 7 -- Nido Petroleum Ltd ("Nido") is pleased to announce that after completing several large seismic surveys, its deepwater prospects and leads inventory in the NW Palawan basin has oil-in-place potential of 11.6 billion barrels.
Following recent positive responses from major oil companies, Nido is now commencing its formal search for a strategic partner to explore for oil and gas in the Philippines and is inviting industry players to submit Expressions of Interest to participate in a world-class offshore exploration program.
[...]
OilFinder2 wrote:Here's their press release with more info. Pages 10-12 have some geologic and exploration history info:
PDF News Release
HISTORICAL SUCCESS RATES IN THE PALAWAN BASIN
A total of 128 wells (comprising of 96 exploration, 24 development, and eight appraisal wells), have been drilled in the Palawan Basin. Ninety seven of the 128 wells were drilled in the NW Palawan Basin. Twenty-one were discoveries and six fields were developed for commercial production. All in all, 12 exploratory wells were drilled in the deep water areas of the NW Palawan Basin. Of these, eight were hydrocarbon discoveries and four were dry, resulting in a very high success ratio of 67%. The limited drilling activity effectively means that the basin is relatively underexplored, and may yet contain many more significant discoveries.
Over 30 wells (>50% of exploration wells) tested in excess of 1,000 barrels of oil per day or 1 million cubic feet of gas per day with several wells testing in excess of 20,000 barrels of oil per day.
The deeper waters of SC-58 could potentially host several billion barrel accumulations. Interestingly, there are several opportunities to test several targets with a single well-bore, which should increase the possibility of success over the course of a drilling campaign. Given the magnitude of the identified prospects and leads, SC-58 represents a high impact exploration opportunity not just for Nido, but for any oil and gas company in the world.
If we look beyond 2007, however, the outlook becomes rather more problematic. Only three mega projects are so far known for 2007 and a further three for 2008. For 2009 and 2010 only the later stages of existing projects are currently known about. Consequently, the volumes of new production for this period are well below likely requirements.
lawnchair wrote:Yep. The finds keep coming.
And added together, the booked finds this year will be less than the oil we extract. Like last year. And every year of the last 25+.
And like every recent year, they will be pretty close to one fifth the booked finds in 1948. 1948... when the world population was barely a third what it is today.
OilFinder2 wrote:Indonesia, Falkland Islands, New Zealand, India, Australia, and now the Philippines. One or more of these is bound to eventually strike it big.
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