Play Fairway Analysis
Accurately assessing exploration risk in a basin or play has been shown to reduce finding-and-development costs and increase profits. Consistent use of such methods across a portfolio allows exploration opportunities to be compared on an even basis and can help optimize the allocation of limited resources (money and manpower). PRA has developed PetroAnalyst, a play fairway, and spatial risk analysis tool, with these goals in mind.
PetroAnalyst and New Ventures
“…PetroAnalyst creates an environment in which technical personnel can devote more time to explore related matters… rather than focusing on the workflow of producing the maps themselves.”
- from a senior geologist working New Ventures at a major oil company
PetroAnalyst can be used by New Ventures groups to help identify and evaluate new opportunities – providing the raw material for E&P growth in an exploration company. These teams work in a competitive and fast-moving arena; the ability to quickly and easily handle diverse data sets is critical. PetroAnalyst can help in this setting by helping teams to:
- Identify critical risks and evaluate play risks in new regions,
- Visualize and communicate data quantity and quality, and its impact on risk evaluations,
- Assess the value of additional data collection or geoscience interpretation in reducing uncertainty, and
- Produce consistent maps and reports for communication of risk analysis results.
PetroAnalyst was designed with the geoscientist in mind – it promotes both ease-of-use and the high degree of customization required to handle the variety of play types (conventional and unconventional) encountered by the explorationist. The ability to import data in a variety of common formats makes it an ideal platform for integration across the geoscience disciplines. PetroAnalyst can also facilitate the use of vendor datasets in a common framework.
These advantages make PetroAnalyst a great choice for the new ventures team looking to evaluate new opportunities and make a basin or play entry decisions. To learn more about PetroAnalyst, click here.