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nvestors are getting very skeptical about the oil and gas industry’s ability to find oil and gas, says Finding Petroleum Director David Bamford. Can better use of technology lead to more exploration success - and make us more investable? Many oil and gas investors are starting to lose faith in the oil and gas industry’s ability to deliver with exploration, said David Bamford, director of Finding Petroleum and a non-executive director of Premier Oil, speaking at the Finding Petroleum event in Stavanger “Transforming Subsurface Interpretation”. “The viewpoint of all these investors is, we don’t believe a word that you say.” “There’s a big issue of actual failure to deliver exploration results and reserves additions, to the point at which investors don’t believe our story. That’s a serious problem.”
This is in addition to concerns from low oil prices and high operating costs. This means that the oil and gas industry does not look very attractive compared to other industries investors could put money into, he said. That leads to the question of whether there can be better ways to understand
the subsurface with the help of new technologies, to gather, integrate and manage data. Mr. Bamford suggests seabed seismic recording, fiber optics in wells, gravity and gravimetry, as technologies worth looking harder at. You have to choose the right technology for your
project, and then, perhaps hardest of all, integrate all the data together at the end. Seabed seismic Seabed seismic is about recording seismic data on the seabed, rather than with recording devices towed behind a vessel on the surface of the water. You can get a