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Economics and the appraisal of conventional oil and gas resources in the western Gulf of Mexico

Journal of Petroleum Technology
By:  and 

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Abstract

The oil and gas industry frequently appraises undiscovered oil and gas resources on a regional basis to decide whether to start or continue exploration programs. The appraisals are of little value unless conditioned by estimates of the costs of finding and producing the resources. This paper presents an economic appraisal of undiscovered oil and gas resources in the western Gulf of Mexico. Also presented are a description of the model used to make the assessment, results of a sensitivity analysis, and a discussion of the implications of the results to the industry. The appraisal is shown to be relatively robust to changes in physical and engineering assumptions. Because the number of commercial discoveries was found to be quite sensitive to economic conditions, the analysis has important implications in terms of forecasting future industry drilling and other associated activities in the western Gulf of Mexico.

Additional publication details

Publication type Article
Publication Subtype Journal Article
Title Economics and the appraisal of conventional oil and gas resources in the western Gulf of Mexico
Series title Journal of Petroleum Technology
Volume 36
Issue 13
Year Published 1984
Language English
Publisher Society of Petroleum Engineers
Contributing office(s) Eastern Energy Resources Science Center
Description 12 p.
Larger Work Title Journal of Petroleum Technology
First page 83
Last page 94