New developments in geoscience and regional understanding can help reduce risk. Exploration isn't dead, and the need for continued exploration is not going away, according to Mike Simmons, the Halliburton Technology Fellow for Geosciences and Exploration. In his recent webinar, Simmons discussed the current exploration environment, citing several sources. One was BP's 2017 Energy Outlook, which looked at technically recoverable reserves for oil versus predicted demand between 2035 and 2050. "What appears to be evident from this quite provocative figure is that there are already abundant discovered hydrocarbon resources," he said. "This seems to exceed likely demand for the next 35 years or so."
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