The Venture gas field is a potential giant gas accumulation discovered in 1979 by the Mobil et al. Venture D-23 well drilled by Petro-Canada on a farm-in from Mobil. This well was completed at a total depth of 4945 m (16,224 ft). The field is located on the Scotian Shelf, 5 to 16 km (3 to 10 mi) off the east end of Sable Island, 300 km (186 mi) east of Halifax, Nova Scotia. Water depths across the field vary from 12 to 23 m (39 to 75 ft). Participants in the Venture field include Mobil, Esso (formerly Texaco), Petro-Canada, and Nova Scotia Resources. Venture is the largest discovery on the Scotian Shelf, offshore Nova Scotia, with initial estimates of ultimate gas recovery exceeding 1.5 tcf.
The Venture structure is an elongated east-west anomaly on the downthrown side of a normal east-west-trending fault. Currently five wells define a gas-bearing area of about 3000 ha (7400 ac). In the Venture field, gas occurs in multiple sandstone reservoirs, from Upper Jurassic to Lower Cretaceous age, over a stratigraphic interval of 1600 m (5250 ft). The Venture gas-bearing productive section consists of one to four hydropressured sands and up to 18 geopressured sands, with pressure/depth ratios of up to 0.89 psi/ft. Venture sands exhibit abnormally high porosities for their depths, possibly both preserved primary porosity and secondary solution porosity. The reservoirs are often characterized by high water saturations and very high-salinity formation water.
Figures & Tables
The success of Memoir 14 and the worldwide interest shown for data on giant fields prompted AAPG to schedule a symposium on giant fields at the end of each subsequent decade. The 1968-78 symposium was held in Houston, Texas, April 1-4, 1979, and the papers were published in AAPG Memoir 30, December 1980.
The Stavanger Conference "Giant Oil and Gas Fields of the Decade: 1978-1988" was held in Stavanger, Norway, September 9-12, 1990, and is a continuation of the Giants of the Decade series.
Scientific studies and projections of future world energy demand indicate that although alternative-energy fuel sources must be actively pursued and developed, there also must be adequate petroleum supplies to bridge the gap. For the international petroleum industry, the years covered by this conference, 1978-88, were complex. They were years of boom and bust. The world's energy consciousness was boosted sharply by the effects of the 1979 Iranian revolution and the resulting embargo, which sent world oil prices to record heights. Global petroleum exploration soon surged, leading to the industry's all-time drilling high in 1981. Then came the oil price collapse in 1985, and the following years were characterized by falling oil prices and drastic budget cuts for exploration and development.
Although exploration dropped sharply during the latter part of the decade, there was a steady flow of giant oil and gas field discoveries. Using the giant field designation criteria of 500 million bbl of oil recoverable for fields in Asiatic Russia, North Africa, and the Middle East,