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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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