A Playbook for Lifecycle Decisions


Exploration Excellence

A tailored package of practical decision quality software, training and consulting services targeted to ensure efficiency and value-add to the commercial and operational exploration stage-gate decisions.

Objectives

Provides clear understanding and agreement on:

  • Key exploration project/play risks and uncertainties
  • Exploration progression and/or commercial decisions which can be affected if the prospect/play risks and uncertainties are reduced
  • Exploration, portfolio and/or lead progression strategies to consider - at the play, country or regional levels
  • Risk/uncertainty reduction potential associated with different information options
  • Potential value-add associated with more information
  • Exploration and commercial decision criteria
  • Exploration / lead progression strategy selection

Deliverables


  • Near-term exploration strategy with timeline
  • Decision policy for early appraisal, in the event of discovery
  • Skill set to revisit and update exploration and early appraisal strategy as uncertainties are resolved

Workflow


  1. Framing session to understand project status - key risks/uncertainties and decisions being debated, strategies to consider for exploration/lead progression and/or portfolio management
  2. "Frame check" meeting with decision makers
  3. Expert interviews or peer reviews to assess key prospect, play and commercial risks and uncertainties
  4. Reliability of information expert interviews for uncertainty reduction potential of different information options being considered prior to drilling
  5. Exploration strategy evaluation
  6. "Results" meeting with decision makers to select exploration / lead progression strategy
  7. Upon drilling sanction, appraisal in the event of discovery framing and evaluation
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