prospect — Oil & Gas Glossary
An area of exploration in which hydrocarbons have been predicted to exist in economic quantity. A prospect is commonly an anomaly, such as a geologic structure or a seismic amplitude anomaly, that is recommended by explorationists for drilling a well. Justification for drilling a prospect is made by assembling evidence for an active petroleum system, or reasonable probability of encountering
Detailed Explanation
reservoir-quality rock, a trap of sufficient size, adequate sealing rock, and appropriate conditions for generation and migration of hydrocarbons to fill the trap. A single drilling location is also called a prospect, but the term is more properly used in the context of exploration. A group of prospects of a similar nature constitutes a play.
In the News
April 17 Evening Wrap: Oil Prices Crash 11% as Iran Reopens the Strait of Hormuz, WTI Settles at $83
Prices & MarketsApr 18, 2026
April 15 Evening Wrap: Oil Markets Hold Through Historic Supply Shock as North America Stays Disciplined and LNG Routes Redraw
Prices & MarketsApr 16, 2026
Occidental, Chevron and Woodside Confirm Bandit Oil Discovery at Green Canyon 680; Petrobras and BP Strike Pre-Salt Hydrocarbons 201 km Off Rio de Janeiro
ExplorationApr 15, 2026