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AAPG Bulletin, Preliminary version published online Ahead of Print 15 September 2022.

Copyright © 2022. The American Association of Petroleum Geologists. All rights reserved.

DOI:10.1306/08182220071

Recommended practices in exploration assurance

Marc Bond, Gary P. Citron, and Doug Weaver

Rose & Associates, LLP, Houston Texas

Ahead of Print Abstract

In oil and gas exploration, technical teams build subsurface assessments from many data sources. From these assessments, teams extract values that quantify a prospect’s resource uncertainty and the probability of success. These values feed economic evaluations and become the building blocks of an exploration portfolio. Predictable portfolio management depends upon the reliability and accuracy of these prospect quantifications. Assurance teams can provide technical teams with objective, independent, and consistent guidance for these assessments to enhance predictive accuracy. In this paper the authors summarize our 40 years of experience characterizing exploration opportunities, participating in, or leading company assurance teams, and collaborating with industry assurance practitioners to share key attributes of an effective assurance process. Assurance teams are most effective when they (1) serve as independent groups engaging with technical teams; (2) have a defined yet flexible process; (3) have experienced team members with good interpersonal, listening and writing skills; (4) can assess opportunities multiple times during the life cycle of a prospect; and (5) conduct and report on post-well analysis to drive positive change. The desired outcome of effective exploration assurance is management confident the company technical evaluations are consistent and reliable. This provides a sound basis for managing a portfolio and making informed decisions.

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Please cite this AAPG Bulletin Ahead of Print article as:

Marc Bond, Gary P. Citron, Doug Weaver: Recommended practices in exploration assurance, (in press; preliminary version published online Ahead of Print 15 September 2022: AAPG Bulletin, DOI:10.1306/08182220071.

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