Study Shows Potential of $65 Billion in Oil and Gas Industry Resources Globally Idled

Written by Valdemar Medeiros

Published on 07/11/2020 at 11:58

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A New Westwood Study Showed Potential Of US$65 Billion In Oil And Gas Resources That Are Globally Idle, With The Largest Volume Of Idle Gas Found In The Ruvuma-Rufiji Basin In Mozambique And Tanzania.

This Oil And Gas, Potentially Worth Over US$65 Billion And With An Estimated Cost Of US$24 Billion To Discover In The Industry, Represents 40% Of The Volume Found In High-Impact Discoveries. The Movement Shows Where These Resources Are Located, Why They Are Stuck, And How Great The Opportunity They Represent Is.

Enormous Amount Of Oil And Gas Industry Resources Are Idle

The Largest Volume Of Stagnant Oil And Gas Industry Resources Is In The Ruvuma-Rufiji Basin In Mozambique And Tanzania, Where 166 Tcf Were Discovered Between 2010 And 2015, But Only 38 Tcf Showed Any Signs Of Progression, And 128 Tcf (Cubic Feet) Of Gas Remains Stagnant.

Brazil Has The Largest Idle Resource Of Oil (And Condensate) Estimated At 3.8 Bnbbl From 19 High-Impact Discoveries Across Five Geological Basins.

ARTICLE CONTINUES BELOW

Contributing Factors According To The Researchers

Westwood Identified 26 Different Contributing Factors. The Above-Ground Factors Dominate, With The Fiscal Regime / Terms Of Oil And Gas In The Host Country, Access To Financing, And Portfolio Prioritization Being The Most Common.

Subsurface Factors Include Fluid Composition And Reservoir Quality And Compartmentalization. In Tanzania, For Example, 14 Deep-Water Gas Discoveries Grouped Into Five Potential Developments Are Idle Due To A Combination Of Above-Ground And Subsurface Issues.

The Above-Ground Issues Are Mainly Related To Protracted Negotiations With The Tanzanian Government Over Gas Terms. The Reservoirs Are More Compartmentalized Than In Neighboring Mozambique, With Lower Resource Densities And Higher Development Costs.

Study Shows Potential of $65 Billion in Oil and Gas Industry Resources Globally Idled

A New Westwood Study Showed Potential Of US$65 Billion In Oil And Gas Resources That Are Globally Idle, With The Largest Volume Of Idle Gas Found In The Ruvuma-Rufiji Basin In Mozambique And Tanzania.

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Enormous Amount Of Oil And Gas Industry Resources Are Idle

Contributing Factors According To The Researchers

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Study Shows Potential of $65 Billion in Oil and Gas Industry Resources Globally Idled

A New Westwood Study Showed Potential Of US$65 Billion In Oil And Gas Resources That Are Globally Idle, With The Largest Volume Of Idle Gas Found In The Ruvuma-Rufiji Basin In Mozambique And Tanzania.

Also Read

Enormous Amount Of Oil And Gas Industry Resources Are Idle

Contributing Factors According To The Researchers

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The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

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