With oil and gas prices remaining stubbornly low, our client was looking for a new proactive approach to identify focus areas that would yield the right opportunities and maximise value.
Recognising that its current exploration strategy had been set in a different price environment, the company needed to efficiently scan the globe for undrilled opportunities and find value its competitors had not yet identified.
After rigorously reviewing our client's needs, we recommended EV² - the first visualisation and modelling tool that allows you to create custom play analysis to quickly assess block potential, optimise investments and focus on future core areas.
Using EV², we presented data in a scorecard format that was dynamically weighted against the strategic objectives of the company.
Total yet-to-find resources were contrasted with value-based metrics to find potential sweet spots while key thresholds were applied to expose only those areas with sufficient volume and value potential (using a number of filters to reflect the most viable exploration approach). Other metrics were then calculated to further calibrate the screening process.
Using EV², we were able to:
- Produce a preliminary ranking based on the yet-to-find resources in more than 400 agreed locations
- Layer commercial factors to understand the economic potential of the material basins
- Contrast information with corporate objectives to eliminate those with limited exploration value potential
- Provide quantitative analysis that drilled down 180 basins to three core focus areas
- Review high-graded play maps (provided in GIS-compatible format) to match critical plays with block opportunities