What are the key challenges for international oil companies (IOCs) to consider when approaching seismic exploration activity?
TK. The three key challenges for international oil companies are reserves replacement, production enhancement and optimizing the recovery factor. Oil is most often found where oil is already found, so satellite appraisal and efficient extraction are key activities requiring accurate seismic data calibrated to known rock physics to get the best estimate of volumetrics. Since one well may be all that a satellite can support, getting the best estimate of reservoir connectivity prior to drilling requires sufficient seismic resolution to identify potential sealing faults. A good depth conversion is also necessary, since that one well is likely to be horizontal, to maximize drainage, and good seismic with reliable velocity-depth control is needed for geosteering the bit. In terms of fresh exploration, the new basins open to IOCs are few and far between, with the Arctic Ocean possibly offering the last major opportunity. Exploration here must be coupled with a strong commitment to environment
