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The AAPG/Datapages Combined Publications Database
Houston Geological Society Bulletin
Abstract
Abstract: Value Perception in the Ever-Evolving
3-D
World


By
Seitel, Inc.
3-D
seismic has become the hot
topic of conversation in exploration
and exploitation circles. This tool is
proving to be beneficial in both finding
and developing hydrocarbon reserves.
How is this new tool changing
the industry's perception of play economics
and risk assessment, and how
can we, as explorationists, create value
within our own companies so that we
can justify the use of
3-D
on our
projects? By focusing on aspects that
we can control-cost, implementation
decisions, and how the final product
can be used most effectively-the
explorationist can begin to assume control
of both his and his company's destinies.
Three-dimensional seismic data has significantly impacted exploration and exploitation efforts. With this evolution of success comes a change in the nature of deals being made, and it is important for explorationists and managers alike to understand current deal-making dynamics. Understanding these dynamics, and using creative and sometimes radical thought processes, are leading to unconventional partnering relationships for our industry. Also, the industry trend seems to have shifted from one of generalization to specialization-be it in services or exploration areas. Partnering can allow a company to draw on specialized expertise not available internally and apply it to projects where the risk is shared with outside parties. But for a partnering relationship to function properly, reliance on the other partner's abilities is key. The oil industry has never been a business where such trust is freely given, and, to the contrary, has often been taken advantage of. For such a relationship to work, each party must create value through the services they provide, and unfailingly fulfill its obligations.
Seitel has chosen such a course,
forming DDD Energy (March 1993) to
participate in the exploration for, and
exploitation of, oil and gas reserves
through partnering relationships. By
applying the expertise and resources
developed by Seitel since 1982, DDD
Energy is a partner that can fill a much-needed
niche in the ever-evolving 3-D
world. Innovative approaches to traditional
exploration situations have allowed
DDD to team up with 50 or
more industry partners on more than
25
3-D
projects in the onshore Gulf
Coast and have significant exposure to
reserves by taking a working interest
position in each project.
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