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The AAPG/Datapages Combined Publications Database
West Texas Geological Society
Abstract
Development of an Exploration Strategy
Abstract
Explicit screening of economic, geologial and production constraints and development of exploration strategy can improve management of exploration costs and enhance exploration success rates within an overall budgetary constraint. One example of exploration planning sets corporate budget reserve addition objectives and other constraints and asks the question, “where can we explore in the lower ‘48’ onshore to meet these constraints and still meet financial objectives?” The question is answered by examination of economic, geologic and production factors in the various geologic provinces. Resulting quantitative and qualitative data are tabulated and ranked in a decision matrix.
Analysis of factors suggest that for a budget of five million dollars per year for ten years, objectives of twenty-five million barrels reserves additions in five years, with exposure to at least one fifty million barrel field opportunity in ten years, the Rocky Mountains province ranks number one; the Southeast and Permian Basin follow closely.
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