Oxy pursues exploration opportunities throughout its core geographic regions — the United States, the Middle East region and Latin America. Our exploration program is focused on established hydrocarbon basins with the infrastructure to bring discoveries quickly to production.
Oxy geoscientists evaluate opportunities with regard to risk, reserve potential and economic value. Exploration targets range from new plays and concepts in both conventional and unconventional reservoirs, to extension and appraisal opportunities in established fields.
To identify opportunities, we utilize recent advances in technology, as well as solid geologic fundamentals. Advances in seismic imaging and new conceptual ideas in stratigraphy and structural geology play a role, but just as important is a diligent examination of previously drilled wells, outcrop studies and analogs.
Coupled with creativity, this work has enabled Oxy geoscientists to challenge conventional wisdom and identify new plays in “old” areas with large potential.
Oxy also is exploring for oil and gas in unconventional reservoirs, where stimulation techniques enable production from rocks with very little permeability. These types of plays are adding significant reserves and value to our operations, particularly in California shale plays.