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Finding energy: deepwater deposits

Another potential major source of oil and gas for emerging nations are offshore deposits lying under very deep water. These deposits lie under water 10,000 feet deep or more, plus another 10,000 feet under the sea bed. Right to these endowments belong to Brazil, Ghana, Ivory Coast, Mozambique, Mexico and others.

These deepwater deposits are especially important for countries such as Mexico. Prospective reserves in deepwater and shale total 115 bbls of oil equivalent. The largest existing Mexican oil fields, such as the giant Cantarell Field, discovered in 1976 has been depleting rapidly since 1995. As a result, total Mexican oil output has decreased by 1 million bbls per day, at a time when Mexico has sizeable subsidies on domestic use of fossil fuels, and declining volumes of exports from oil.

Three features of these deepwater assets will require emerging nations to collaborate with foreign oil companies to reap the benefits. First, exploration and development in these locations will be quite costly: upwards of $1 billion to $3 billion per project. By 2014, deepwater and ultra deepwater hydrocarbon projects totaled $66 billion worldwide. Second, the life cycle for such projects extends over 15 to 25-30 years. Third, exploration costs will be heavy, and will be concentrated within the first 5-7 years of any deepwater project well before any sales of gas or oil. This means that initial cash flows from the undertakings will be negative, perhaps for as long as a decade. Fourth, significant price risks are involved.

The large private multinational oil companies are much better equipped to deal with market risk than are National Oil Companies in developing nations. The former are larger and stronger financially. The private multinations such as Chevron and Exxon take a very long-term view of prices because their investments, especially in deepwater deposit exploration and development, last not for years, but decades. The abrupt 50% fall in crude oil and gas prices in the latter half of 2014 has not materially affected the deepwater investment plans of the companies. Because these companies cannot be certain what will be the price of oil or gas when a major project finally comes on line, the firms build into their business models fluctuating oil prices. Exxon’s business plan tests its investments across a broad range of oil prices, from as low as $40/bbl to as high as $120. (Statement of Exxon CEO Rex Tillerson, January 11, 2015).

Other than perhaps Brazil, none of the emerging nations with rights to deepwater deposits will have sufficient capital to mount ambitious deepwater projects. For example, in deep waters in the Gulf of Mexico belonging to the U.S., over 1,600 wells have been drilled. But on the Mexican-owned part of the Gulf, only 50 wells have been drilled. And none of these countries, Brazil included, possess all of the technology required to successfully carry out the projects.

The life cycle of a deepwater deposit can be illustrated as in Figure 15-9 .

Questions & Answers

where we get a research paper on Nano chemistry....?
Maira Reply
nanopartical of organic/inorganic / physical chemistry , pdf / thesis / review
Ali
what are the products of Nano chemistry?
Maira Reply
There are lots of products of nano chemistry... Like nano coatings.....carbon fiber.. And lots of others..
learn
Even nanotechnology is pretty much all about chemistry... Its the chemistry on quantum or atomic level
learn
Google
da
no nanotechnology is also a part of physics and maths it requires angle formulas and some pressure regarding concepts
Bhagvanji
hey
Giriraj
Preparation and Applications of Nanomaterial for Drug Delivery
Hafiz Reply
revolt
da
Application of nanotechnology in medicine
what is variations in raman spectra for nanomaterials
Jyoti Reply
ya I also want to know the raman spectra
Bhagvanji
I only see partial conversation and what's the question here!
Crow Reply
what about nanotechnology for water purification
RAW Reply
please someone correct me if I'm wrong but I think one can use nanoparticles, specially silver nanoparticles for water treatment.
Damian
yes that's correct
Professor
I think
Professor
Nasa has use it in the 60's, copper as water purification in the moon travel.
Alexandre
nanocopper obvius
Alexandre
what is the stm
Brian Reply
is there industrial application of fullrenes. What is the method to prepare fullrene on large scale.?
Rafiq
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
Damian
How we are making nano material?
LITNING Reply
what is a peer
LITNING Reply
What is meant by 'nano scale'?
LITNING Reply
What is STMs full form?
LITNING
scanning tunneling microscope
Sahil
how nano science is used for hydrophobicity
Santosh
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
Rafiq
what is differents between GO and RGO?
Mahi
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
Rafiq
if virus is killing to make ARTIFICIAL DNA OF GRAPHENE FOR KILLED THE VIRUS .THIS IS OUR ASSUMPTION
Anam
analytical skills graphene is prepared to kill any type viruses .
Anam
Any one who tell me about Preparation and application of Nanomaterial for drug Delivery
Hafiz
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
Bob
The nanotechnology is as new science, to scale nanometric
brayan
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Damian
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
Renato
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
?
Kyle
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
Adin
why?
Adin
what school?
Kyle
biomolecules are e building blocks of every organics and inorganic materials.
Joe
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
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Source:  OpenStax, Economic development for the 21st century. OpenStax CNX. Jun 05, 2015 Download for free at http://legacy.cnx.org/content/col11747/1.12
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