Exploration and Discovery
New Location Discovery
Exploring for suitable acreage can be a long and complicated process for oil and gas companies. Firms must present accurate and competitive offers to compete in leasing rounds. To compete effectively, firms must do their research both quickly and accurately, factoring in financial information, weather information, production data, social media data, well data, and seismic data. Companies must also complete sophisticated modelling for drilling-to-field development analysis. With deep-water oil rigs costing on the order of $150 million, accurate placement and ongoing operations are critical to company success. Poor information can result in the loss of billions of dollars.
Even on acreage for which a company already has drilling rights, accurate exploration is critical. Soil data, weather data, equipment reports, seismic monitors, well data—they all generate massive amounts of data during the exploration phase, which can be used to discover new oil deposits, predict the failure or success of drilling operations and make smarter decisions about drilling sites.
How PHEMI helps
PHEMI Central can greatly assist in both new location assessment, and optimizing exploration processes by:
- Collecting the growing volumes of highly variant data
- Producing incremental or real-time aggregations of data, as well as timelines with sub-second response times
- Rapidly processing appraisal reports against all other datasets
- De-identifying critical proprietary data, ensuring that company bids are competitive in the lease bidding, but not revealing valuable sensitive information
- Feeding all data into favored analytics tools to identify patterns and trends, determine price models, and drive revenue optimization