We deliver Ready-to-drill Prospects
The ExploCrowd Prospect Database consists of Ready-to-Drill Prospects that help oil companies accelerate building their exploration portfolio, by enabling Exploration Managers to select prospects with the best fit to the company’s exploration strategy. With the current financial restraints and tough competition in the oil and gas industry, oil companies will benefit from the flexible and easy access to ExploCrowd’s library of Ready-to-Drill Prospects and associated products.
Our method is based on building prospects based on publicly available data from the DISKOS database. We offer a new approach to exploration by combining expertise and in-depth knowledge with the time and flexibility for our experts to deep-dive into geological data without compromise, integrating the latest technology. Our team of independent, highly competent and experienced explorationists study, condition, interpret and integrate observations from geological and geophysical data from the NCS, building Ready-to-Drill Prospects to be made available for upstream companies in the future.
Each prospect includes the integration of geologic risk assessment and volumetrics estimate based on a best technical estimate, helping upstream companies gain a better understanding of the subsurface in a specific area. The outcome is cost effective and flexible access to valuable information helping oil companies efficiently build their exploration portfolios at reduced risk and flexible cost.
Overview of our current Prospects available for APA2019 or Farm In Opportunities
A range of Ready-to-Drill Prospects are available in the Barents Sea, covering known plays, underexplored plays and untested plays: Jurassic, Triassic and Paleozoic, where some prospects are stacked targets reducing the risk of testing new plays. Facilitated through the strategic partnership with Well Expertise, we deliver Prospects that can potentially be tested with an exploration well by next year - thereby enabling Exploration Managers to include Well Cost in the Risking Process, decreasing the economical risk to add 2P Reserves to the portfolio.
Not only does this new business model have the potential to accelerate exploration and value creation on the Norwegian Continental Shelf, but it adds a significant element of reducing cost to the overall exploration cycle.A number of our prospects were awarded in January 2019 and are now available as Farm-In Opportunities for companies interested in building or further establishing their presence in the Norwegian Barents Sea.
The Taurus Prospect is in the open APA2019 acreage, and you can explore more in our webshop either through the image below or using the menu at the top of this page.
Explore our available Farm In Opportunities in our webshop. Note that a purchase it not legally binding until a contract is signed by both parties.
North Sea - ongoing
Jurassic Leads within structural traps are identified, based on an approach combining the impact of structural geology and salt tectonics of accommodation space with the understanding of hydrocarbon migration in the area.
Current Structural Leads are 2-10 km2, and more Stratigraphic possibilities will be added as we progress with the detailed seismic interpretation using industry leading software technology.
We also have a series of leads and concepts for the Cretaceous, Paleocene and younger intervals, including structural closures in open APA2019 acreage and within existing licences. You are most welcome to contact us for more information on possible Farm In Advisory.
Providing Ready-to-Drill Prospects with an Estimated Well Cost making it possible to drill Prospects with a higher risk, is making the best of efficient well planning and the current low cost environment. If the prospect and license is awarded in January 2019, a rig is secured and with a proactive approach the Ready-to-Drill Prospect can potentially be tested with an exploration well in Q3 2019.
Deterministic Volumetric Estimate Ranges are provided with each of the prospects, combined with a Geological Chance of Success based on Best Technical Estimate. Prospect Maps are illustrating BTE and closing contour for High Estimate. All risks of the prospects are addressed, thereby providing all necessary information regarding the geological risk necessary for a management decision.
This is how we Accelerate Exploration.
North Sea - ongoing
Jurassic Leads within structural traps are identified, based on an approach combining the impact of structural geology and salt tectonics of accommodation space with the understanding of hydrocarbon migration in the area. Current Structural Leads are 2-10 km2, and more Stratigraphic possibilities will be added as we progress with the detailed seismic interpretation using industry leading software technology.
How the process works
Phase I - Purchase the Ready-to-Drill Prospect
ExploCrowd Presentation of Prospect to Client upon signing an Industry Standard NDA.
Client Internal Assessment of Compliance with Company Strategy.
Purchase, immediate implementation of knowledge enabling fast-tracked APA Application.
Well Expertise can assist in conceptual well design, project risk assessment and environmental screening to further assess feasibility.
The price of a Peer Reviewed Prospect Concept is depending on the data available, the resulting level of confidence and the attractiveness of the Prospect in terms of volumetric range, CoS and distance to infrastructure.
A price of a prospect with significant volumes for the Best Technical Estimates would not be as attractive as if it was located 10 km from North Sea infrastructure with capacity, which is reflected in the Prospect Price. A Prospect with low confidence will often have the possibility to be upgraded with purchase of proprietary higher quality data.
The cost of the prospect is decided by the Peer Review Team, consisting of experienced explorers.
Phase II - Initial Well Planning Preparations, pending Well Management Company chosen
If early indications of Award of License, commit to Site Survey to accelerate well planning, enabling an accelerated spud date.
If awarded License Operatorship: acquire Site Survey, Project Initiation, Method Selection and HAZID
Start Detailed Well Planning shortly after Licence Award and preparation of ERACA, AfD and AfC.
Spud well after ca. half a year after licence award.
WHY we are maturing prospects
The reasoning behind why we are identifying prospects, maturing them and offering them to decision makers, documenting and efficiently communicating the concepts, confidence and key risks?
Because we have learned that there is very often a strategic and political reason behind why a license is dropped. It is not always because of the geological risk.
In addition to this, how volumes of hydrocarbons in a prospect are estimated and the prospect risking process is very different within oil companies (as you can learn from the discussion HERE). This is part of why we are convinced that there are good opportunities in existing proven play models. Furthermore, we are including deeper and shallower targets in our screening and concepts, thereby adding more possibilities for stacked targets that could test new play models while exploring for known plays with less risk.
Peer Review Presentations documenting geological risk
Each of the Peer Review Presentations are 100+ slides and customised to fast-track APA2018 License Applications, with or without the assistance of the ExploCrowd Team.
With combined decades of experience from industry, we are using the standard Peer Review Process, where the regional geology and structural framework is integrated in the understanding of the geological model. The assumptions and considerations behind decisions are carefully documented, enabling exploration teams to continue the work, and hit the ground running.
Our Approach to Volumetric Estimates and Risking
It is not only the risking process that is different with companies. Estimating potential volumes of hydrocarbon in a trap can be done using different methods and software, often with black-box algorithms compensating for the optimistic nature of the exploration geologists.
Every client would want to run their own volumetrics, using their own standards, and we have prepared for that.
To maintain full control of the input parameters for the volumetric estimates, a deterministic approach based on a Best Technical Estimate is used, including a minimum case and a maximum case, documenting the thinking behind the decisions.
We are using the SEC/PRMS methodology for defining and estimating Petroleum Reserves, and work in the Prospective Resources part of the range. More information about the international standard of SPE and US Securities and Exchange Commission, where the basics are found HERE. Note that the guidelines are continuously updated, but this version from 2001 provides a good and thorough overview.
Communicating risks and volumetric ranges is often a challenge, but we do our best to visually illustrate the concepts, uncertainty and volumetric range in an efficient manner. An example from a Barents Sea prospect is illustrated at the top of this site, where the Best Technical Estimate is illustrated with the maximum closing contour of the trap - and hence, the potential upside.