The Business Impact and Value of 3-D Seismic

Technology of 3-D seismic has had a profound and lasting impact on the hydrocarbon exploration and production industry. It is a technology which is often excellent at assessing the risk associated with trap definition, seal, and reservoir distribution-the very parameters which are the most critical to optimizing the economics associated with exploration and production (E&P) projects. Amoco Corp. has reviewed its 3-D seismic experience (159 3-D surveys were acquired at Amoco between 1991-1994) and has assessed the value added by 3-D by reviewing recent E&P experiences in a post-appraisal mode and then applied the lessons learned to potential new projects. The value added depends on expected cost, revenue, timing, and risk changes, and generally is more valuable the earlier it is applied. If 3-D is appropriate for particular projects (that is if the underlying risk associated with a project can be significantly impacted by 3-D), host governments stand to realize much more from 3-D than do oil company partners. Delay in the use of 3-D can significantly erode the ultimate value 3-D can add to the project. In spite of the enthusiastic claims of 3-D seismic, most geoscientists have at one time or another experienced disappointing results with it. Amore » legitimate question remains then: to what degree has 3-D added value to the E&P situations where it has been utilized. The answers to this question are discussed.« less