Case Study

How do we assess oil exploration prospects and future potential?

Learn how a large IOC used PetroView® and EV² to quickly identify the most profitable oil exploration opportunities in frontier basins.

The challenge

A large IOC client was looking for high-impact oil exploration opportunities in frontier basins with carbonate plays. They needed to access both historical and current E&P data and understand future exploration potential to focus their search on the most profitable acreage with the best frontier prospectivity.

The solution

The new ventures team used PetroView® and EV² to screen for oil exploration opportunities that met their specific requirements.

The tools enabled the team to:

  1. Search for frontier basins where fewer than 10 wells had been drilled in the last 50 years, and where there had been hydrocarbon shows but no current production. (EV² basin summaries and PetroView®)
  2. High-grade the frontier basins to select only those with carbonate plays and potential discovery sizes of more than 500 mmboe. (EV²)
  3. Identify open acreage in the basin, and rank these according to value and volume potential. (EV² basin view)
  4. Assess the current licence status of the top three blocks, which confirmed two of the top three were on offer as part of an ongoing licensing round. (PetroView®)

The results

PetroView® and EV² helped our client identify two tangible oil exploration prospects that matched their criteria within the targeted basin.

After further in-house assessment, our client made a considered offer for the appropriate block, adding to its portfolio of high-impact oil exploration opportunities.