The issue with frontier areas is that with no obvious production the areas do not attract oil company investment and in turn with no investment there is no production. The cycle has become more vicious as the oil price has risen and cost cutting has driven out the explorers or converted them to development and production geologist. As the price increases there is even less of a desire to stop generating revenue and divert resources to country entry and a speculative campaign to determine whether hydrocarbons may or may not be present.
These under explored basins are vast and may only contain a few well penetrations, drilled at the time based on little or no data ,and no failure analysis to reveal any valid strictures. Seismic is often thought of as the tool to open these areas up, however more important is the determination whether there is an active petroleum system, suitable trapping structures and reservoir presence, quality and seal follow.
Once the features with seep anomalies have been identified it is necessary to ground truth the findings and offshore this is done by collected seabed / lake bed cores and analysing the sediment first by Gore Sober screening for bulk geochemistry (e.g. TSE & TSF) and if hydrocarbons are present by convention geochemical technics such as stabile isotope ration measurement and biomarker analysis. The data is then compared with the CaribX oil database and other oil and source rock data and information. The areas of less interest can be relinquished and the sweet spots become the target for seismic and drilling.
The seep technology is applicable to marine and lacustrine environments. Onshore CaribX use satellite data and spectral analysis to high grade areas followed by Gore Sorber and conventional geochemistry to ground truth and high grade areas further.
In addition to the exploration technologies, some unique to CaribX, that can be used for near-field exploration and reserve augmentation, CaribX has secured agreements with a specialist drilling group with expertise in horizontal drilling, multilaterals, coiled tubing, under balance drilling and heavy oil technology.
Through previous connections with Newcastle University CaribX also has access to state of the art heavy oil production technology.