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The AAPG/Datapages Combined Publications Database
AAPG Bulletin
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Private corporations have long used petroleum resource assessment projects for advance design of exploration campaigns, optimal allocation of capital among available exploration theaters, and long-range financial planning.
In addition, however, companies can beneficially utilize petroleum resource evaluation exercises to improve their exploration performance in several different ways: (1) aptness of screening parameters employed in internal prospect selection can be assessed; (2) compatibility of exploration tactics and strategy can be evaluated; and (3) as a purposeful learning process, individuals and teams can, over several years, analyze and improve their exploration effectiveness.
Such an improvement program requires the employment of systematic prospect-evaluation procedures and the comparison of predictions with results. As their confidence improves in estimating exploration-target size and discovery probabilities, companies can adopt increasingly sophisticated ways to deal with risk. Accordingly, they can explore more aggressively.
Finally, resource assessment procedures can be used to attach appropriate values to nonproducing lease acreage, and therefore to manage such corporate assets more responsibly.
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