We find the oil and gas that helps meet the energy needs of the complex modern world we live in. CPEGOIL’s exploration experts harness their years of accumulated skills and experience with the most advanced technology to find hydrocarbons beneath the surface of the earth. The people who do this work are industry-leading geoscientists. It is their job to help make the earth yield up its precious reserves of oil and gas. They use a variety of tools including topographical maps, 3D images and seismic surveys to examine the viability of prospects. After they have undertaken rigorous technical work they will have a good idea of the risks and whether a prospect is worth further evaluation. An exploration well is then drilled to discover whether all their painstaking efforts have paid off – and if oil and gas is present.
When oil and gas is found it is only the first part of a very long journey to bring this energy into people’s homes, to power industry or fill the petrol tank. We then move on to the appraisal phase.
At this stage once a discovery is made, we will drill further wells. This is when we find out how big the discovery may be and how easy or difficult it will be to extract.
We will then have a good idea of the sort of quantities of hydrocarbons that are in the ground. Although ultimate recovery of a well cannot be known with certainty until the well ceases production, our experts will calculate an estimated ultimate recovery (EUR) based on decline rate projections years into the future.
If we find enough oil and gas – and it can be brought onshore safely and profitably – we take the next step forward. We may choose to sell our interest in a discovery or proceed to the development phase. We often work with partners to share costs and pool expertise.