A Key Element of Successful Exploration

Resource related business drivers for oil and gas companies include aspects of growth (total reserves and annual production) and aspects of business sustainability (reserves replacement ratios and reserves over production ratios). It is, therefore, of strategic importance to be able to proactively select projects to execute that will secure future performance from a portfolio of opportunities. In exploration, play assessment with estimates of undiscovered potential and average field sizes provide important input to the project selection process, where often key exploration business decisions are based on estimates of undiscovered potential paired with average field size and financial framework. In fact, many companies have introduced a play centered exploration process, where key decisions are about which plays to enter and explore.