Maximization of major oil&gas project value at identification/access stage by reframing of exploration strategy

Abstract

Conventional approach to project exploration strategy planning at Identification/Access stage is usually focused on hydrocarbon presence confirmation and uncertainties decreasing. Further, at the end of the Appraisal stage, the main purpose is creating successful business case. However, focus on economic value of total project at Identification stage may lead to more optimal exploration program and increasing project EMV. The objective of this case study is to describe specific approach to establish major project exploration strategy at initial stage, based not only on uncertainty decreasing, but also on early business case development and maximizing future economic value. Case study project is framed within license area in the north-eastern part of the Pannonian Basin of Eastern Europe.