Minerals Report - International Seabed Authority

and 670 to 780 metres respectively. Dr Vysotsky said that the total proven
reserves in deepwater offshore basins is 2.8 billion tonnes.
In relation to perspectives for the next five years, Dr. Vysotsky
began this part of his presentation with developments in Brazil where he
reiterated that the largest fields, called elephants, had been found. He said
that the largest petroleum field is in Brazil (Marlin). He also said that five
deep-water fields located in Brazil (Roncador, Albacora, Marlin, Barracuda
and Caratinga) hold recoverable hydrocarbon reserves of between 100 to
540 Mmtoe each. He noted that here, license blocks that are given at water
depths of 3000 m. He said that these are the records that are now
established for recovery in this basin, representing the record for deep-sea
recovery of petroleum.
The next region of active exploration according to Dr. Vysotsky is
the Gulf of Mexico. He said that in this region, at depths of more than
1200 m, 120 fields are open. He informed participants that the largest field
here is Crazy Horse with estimated reserves of 1 billion barrels. He said
that UNOCAL, is undertaking a project to bore 7 exploration wells in June
2000 at depths of about 3,000 m.
Dr. Vysotsky said that after the Gulf of Mexico the next area of
active interest is West Africa. He described the basin setting for offshore
Angola that he said extends out to a depth of 5,000 m. He said that in
1996, the Girassol field opened at a depth of 1450 m. He noted that this
field is scheduled for exploitation in 2001, and that its recoverable reserves
are estimated at about 100 million tonnes for one of its straits, Strait B. He
pointed out that the cost of recovery for oil or petroleum is placed at $5.60
per barrel and compared this with the current price of a barrel of oil that is
$30.00.
In Nigeria, Dr. Vysotsky said that blocks are now open to depths of
4,000m. He said that in 1999, the largest petroleum oil field in Nigeria was
opened, with recoverable reserves of 240 million tonnes. In Congo and in
some other countries in Africa, Dr. Vysotsky said that there are also blocks
that are exploited at the same depth. These include Morocco and
Mauritania where there are also ultra deep-water blocks.
Dr. Vysotsky said that in the eastern Mediterranean and Israel, two
gas fields have been opened at a depth of about 2,000 metres. Similarly, a
gas field has been opened in Egypt.
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