From Integration of Geosciences, Engineering and Economics towards Efficient Exploration Decisions

Summary In this presentation we are looking at various components of efficient exploration decisions through the prism of integrated modelling. The starting point for our analysis is the exploration process triangle listing data and products that oil and gas explorers gather, create and evaluate to make an informed drilling decision. We argue that the term 'integrated modelling in exploration' all too often is understood in a rather narrow sense as "stratigraphic, structural and petroleum systems modeling". Naturally such combined approach is a significant improvement versus a silo study as one may be surprised to find out how many companies equate exploration with seismic interpretation only. However, it only addresses about a half of the exploration process triangle components. The best practices in today's industry drive to improve exploration efficiency call for a holistic risk, resource and value assessment of undiscovered petroleum resources, an integrated workflow that provides the necessary link between the outcomes of geomodelling work and the exploration portfolio management needs of corporate decision makers. The workflow relies on a proven suite of tools and methods that became de facto exploration industry standard. It enables to carry out 360-degree prospect ranking using modern Multiple-Criteria Decision Methods (MCDM).