GEO ExPro

Continued Record Investment in UKCS

The recent announcement of the 24th UKCS Licensing Round awards came at the end of another record year for the UK oil and gas industry. Over 700 million barrels of oil equivalent (MMboe) were discovered in 2006, the highest level since 2001, and a high percentage of wells found potentially commercial oil and gas accumulations.
This article appeared in Vol. 4, No. 2 - 2007

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Operationally challenging, environmentally sensitive and seasonally limited; the vast bounds of the underexplored basins of the Arctic region remain of significant long-term importance to the future of global energy demand. The offshore Chukchi region of Alaska represents significant untapped petroleum resources. The most recent assessment by the USGS suggests a potential 29 billion barrels of recoverable reserves.
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