Exploration maturity key to ranking search areas

Abstract

The study area of US Geological Survey Circular 1288, the world outside the US and Canada, was partitioned into 44 countries and country groups. Map figures such as Fig. 2 and graphs similar to Figs. 3 and 4 provide a visual summary of maturity of oil and gas exploration. From 1992 through 2001, exploration data show that in the study area the delineated prospective area expanded at a rate of about 50,000 sq miles/year, while the explored area grew at a rate of 11,000 sq miles/year. The delineated prospective area established by 1970 accounts for less than 40% of total delineated prospective area but contains 75% of the oil discovered to date in the study area. From 1991 through 2000, offshore discoveries accounted for 59% of the oil and 77% of the gas discovered in the study area.