What is the role of field geology today, what will it be in the future and what specifically is the importance of field-based training to petroleum geosciences? Is it a ‘luxury’ we cannot afford to give up?
At a time when oil prices spiralled down from over $100 to below $50 within half a year, talking about ‘oil shock’ may seem odd. Yet, the oil shock of 1973–74 was not only the first of its kind on a global scale, but also set the political-economic stage for oil shocks and oil market crashes in the following decades.
As everyone knows, the oil price has plummeted in recent months. Spiraling ever downwards alongside it has been the value of E&P stocks and shares – but is this correlation justified? Is it a good time to invest in exploration?
Ian Forrest was a founder member of the Petroleum Exploration Society of Great Britain, which celebrated its 50th anniversary last year. Raised in one of the poorer parts of Glasgow in Scotland, he flew with the RAF in World War II before going on to explore for hydrocarbons in many parts of the world. Here he tells us about his long and exciting life in oil.
With recent offshore gas discoveries reviving interest in the Eastern Mediterranean region, a variety of methodologies can be used to assess potential, including using data from satellites orbiting the earth. Could these reveal the presence of the elusive deeper oil?