What exploration opportunities are there in North Africa and the Eastern Mediterranean, from Morocco via Algeria and Libya to Egypt and Lebanon?
Below ground, these countries show different stages of exploration maturity.
Offshore Morocco has been quite active in leasing terms recently and is perceived as a Frontier province.
Algeria has ‘always been open’ and now most plays and basins look quite Mature in exploration terms.
For Libya, one would say that the Offshore is also a Frontier province. Onshore, whilst there is a long history of exploration and production, not all the significant basins have been equally explored, and there is a case to agree that exploration has, for the past several decades, not benefitted from the latest technologies.
Similarly to Algeria, Egypt has ‘always been open’ and most plays look quite Mature in exploration terms, although again there is a case that some modern technologies still have a role to play – for example sub-salt imaging in the Gulf of Suez and Full Tensor Gravimetry onshore.
And the Eastern Mediterranean Frontier has seen considerable excitement in the last year or two, with major - in fact, huge - gas discoveries; an 'exploration Spring' is well under way.
Above ground, of course there are some significant issues to contemplate, in particular with political and security stability still to result in Libya and Egypt in the wake of the ‘Arab Spring’. And recent events in Algeria have cast a dark shadow.
Our Feb 12th 2013 Finding Petroleum Forum examined whether or not we should anticipate an imminent ‘exploration Spring’ in the region, in particular whether further large discoveries can be foreseen, and if so, where?
Or should we anticipate a ‘deep Winter’, in which only the biggest companies are willing to take the risk of exploring and operating in the region?
For the proceedings of this Forum, including videos of complete presentations and slide packs, please click here.
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