Abstract

Introduction of new technologies based on three-dimensional description, characterization, and monitoring of hydrocarbon reservoirs since 1986 have made a significant contribution to lowering the cost of finding, developing, and producing hydrocarbons today.

Subsurface information technology, which primarily consists of 3-D seismic, borehole seismic, MWD/LWD, advanced open and cased hole logging, production monitoring, and geoscience analysis, interpretation and integration, if broadly applied, can significantly reduce a large percentage of E&P expenditures presently consumed for drilling, stimulation, completion, production facilities, and remedial/EOR work.

However, we need to make sure that the way in which we manage both technology and resources will ensure success, not just survival.

The issue we must address is whether the industry has the will and financial resources to aggressively pursue its future business objectives through the use of new subsurface information technology to find, develop, and produce hydrocarbons in more cost-effective ways than we do today.

In this paper, some thoughts are presented as to what the industry can do to secure a successful future through expanded use of subsurface information technology.