Despite being located in the US, State politics are a significant headwind. While there are sporadic pockets of exploration, there is unlikely to be a renaissance in wholesale exploration, nor is there sufficient prospectivity currently to justify an exploration programme. This is further compounded by concern at the Federal level, and to what extent the Biden Administration will use Federal powers to override State legislation to prevent oil & gas development.
April 17, 2023
Americas - North
Onshore & Offshore
Located in coastal southern California, the LAB's key feature is a Neogene basin whose foundations were controlled by Cretaceous subduction and Late Cretaceous Paleogene terrane accretion. Neogene structural development consisted of mid-Miocene to early Pliocene extension, strike-slip faulting and problematic block rotation, and late Pliocene to present north-south compression. The province is bounded on the north by the Malibu-Santa Monica-Hollywood-Raymond Hill-Duarte Fault System, and on the east and southeast by the onlap of marine rocks on the Southern California Batholith and Santa Ana Mountains and San Joaquin Hills Uplifts.
The most recent significant discoveries occurred during the early to mid-1960's. While exploration drilling has been hampered by urbanization and drilling bans, meaning that drilling has averaged <2wells per year, the LAB is considered widely explored.
Source: ESRI, BGS, USGS & OGA data
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