Benefits of Digital for Better Exploration Planning and Execution

Digital technologies and innovations are disrupting our industry by bringing new, cloud-native solutions to enable better planning and execution of exploration workflows. Being able to standardize a portfolio prioritization process globally, and instantly rank and update with key data or market changes, is key to increase planning efficiency and transparency. The examples provided in this paper show that those new digital solutions break down silos and enable closer collaboration between technical teams and decision makers.

The standardization of the portfolio prioritization process is expected to play a key role in dramatically reducing early and costly exploration spend by focusing on the opportunities that matter. In addition, this standardization associated with new ways of working is expected to minimize human bias and reduce competition amongst exploration teams. This should have a clear impact on reducing the gap between pre- and post-drill resource estimations.

Finally, capturing and sharing experience and knowledge is key for a sustainable future, and we hope that these new solutions, powered by the cloud, will help in attracting and retaining key talents to the oil and gas industry.