UK-based oil and gas consultant CGG Robertson and research firm Wood Mackenzie have launched a new exploration valuation tool EV2 to accurately assess the future potential of oil and gas fields
According to Wood Mackenzie, EV2 allows oil and gas developers to differentiate exploration blocks and open acreage in terms of sub-surface risk, volume and value potential. The tool would help the industry to find the best opportunities particularly in frontier basins where data is often scarce.
Paul Chowdhry, head of research for Wood Mackenzie, said, “EV2 fills the last remaining gap in Wood Mackenzie’s upstream valuation capability. We are delighted to be partnering with CGG Robertson on this exciting new product. This offers clients consistent, transparent and comparable valuation estimates for exploration volumes, which will help them gain a competitive advantage at the basin, play or block level. We believe that EV2 will set a new industry benchmark in exploration analysis.”
Sophie Zurquiyah, senior executive vice-president of CGG’s Geology, added that EV2 would help industries identify which basin and which part of the basin they should focus their efforts on to achieve maximum returns from their exploration investment.
“Making a clear connection between volume and value has never been more important. However, valuing company exploration acreage can be challenging as it requires extensive time and resources, global basin knowledge and independent third party estimates. EV2 gives fast and easy access to this information. It allows rapid evaluation of company acreage portfolios within a given basin by providing the potential risk, volumes and value associated with each block,” explained Zurquiyah.
Chowdhry revealed that EV2 is due to be released in phases through 2015 and 2016.
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