THE FUTURE
249
potential for the use of sources energy as sources of fuel is worth
comment at this time. More specifically, comments on the potential for undiscovered oil, coal, oil shale, and biomass, as well as the
challenges for industry are warranted here.
9.1 Undiscovered Oil
Undiscovered oil resources are resources that are estimated to exist
on the basis of broad geologic knowledge and theory, in undiscovered accumulations outside of known fields (Attanasi, 1999). To
some, undiscovered oil is real while to others undiscovered oil is
a myth.
Petroleum exploration is an efficient technical procedure.
Investigating a geologic formation or a sedimentary basin using
modern seismic techniques will reveal virtually all significant prospects, thus showing oil companies where to lease for further test
drilling. Currently, there are virtually no areas where petroleum
exploration cannot be successfully carried out if regional geological
studies indicate a good chance of finding major petroleum fields
(i.e. those with an ultimate recovery of more than 100 million barrels of oil).
Unfortunately, despite intense efforts by all of the world's oil
companies, only a few of the new major fields promised by their
geologists were actually found. The world's accessible oil provinces
had all been previously recognized and most of their major fields
found earlier. Numerous major finds had been made in the late
1960s, which brought on production offshore by new marine technologies during the mid-1970s in time to bring the OPEC producers to heel. No new major oil provinces that produce 7 to 25 billion
barrels) have been found since 1980. The world is finite. The peak
global oil finding year was 1962. Since then, the global discovery
rate has dropped sharply in all regions and the 1,311 known major
and giant oil fields contain 94% of the world's known oil and are
accordingly the most critical for future global oil supplies.
Modern three-dimensional seismic and horizontal-drilling techniques improved current oil recovery in known fields, but made no
substantial change in global reserves or discoveries of major fields.
When the world oil price collapsed in 1986, exploration funds
and efforts were cut back drastically everywhere; and by 1989, all
major companies were downsizing and eliminating most of their
249
potential for the use of sources energy as sources of fuel is worth
comment at this time. More specifically, comments on the potential for undiscovered oil, coal, oil shale, and biomass, as well as the
challenges for industry are warranted here.
9.1 Undiscovered Oil
Undiscovered oil resources are resources that are estimated to exist
on the basis of broad geologic knowledge and theory, in undiscovered accumulations outside of known fields (Attanasi, 1999). To
some, undiscovered oil is real while to others undiscovered oil is
a myth.
Petroleum exploration is an efficient technical procedure.
Investigating a geologic formation or a sedimentary basin using
modern seismic techniques will reveal virtually all significant prospects, thus showing oil companies where to lease for further test
drilling. Currently, there are virtually no areas where petroleum
exploration cannot be successfully carried out if regional geological
studies indicate a good chance of finding major petroleum fields
(i.e. those with an ultimate recovery of more than 100 million barrels of oil).
Unfortunately, despite intense efforts by all of the world's oil
companies, only a few of the new major fields promised by their
geologists were actually found. The world's accessible oil provinces
had all been previously recognized and most of their major fields
found earlier. Numerous major finds had been made in the late
1960s, which brought on production offshore by new marine technologies during the mid-1970s in time to bring the OPEC producers to heel. No new major oil provinces that produce 7 to 25 billion
barrels) have been found since 1980. The world is finite. The peak
global oil finding year was 1962. Since then, the global discovery
rate has dropped sharply in all regions and the 1,311 known major
and giant oil fields contain 94% of the world's known oil and are
accordingly the most critical for future global oil supplies.
Modern three-dimensional seismic and horizontal-drilling techniques improved current oil recovery in known fields, but made no
substantial change in global reserves or discoveries of major fields.
When the world oil price collapsed in 1986, exploration funds
and efforts were cut back drastically everywhere; and by 1989, all
major companies were downsizing and eliminating most of their