The business development and exploration teams within oil and gas companies often work together in identifying potential farm-in candidates to inorganically acquire future exploration opportunities. However, with geologists heavily concerned with geological data and business developers/analysts concerned with the transaction landscape, there could be a challenge in finding proper overviews and tools that facilitate discussion between these teams. Rystad Energy was given the task to facilitate such a workshop, preparing the relevant material.
The Rystad Energy team systematized all historically drilled exploration wells in the area of interest and classified the exploration targets with the targeted geological age (play). By leveraging already established databases of resources found, the team created exploration creaming curves for the individual geological plays. In short, a creaming curve shows aggregated resources found as a function of number of wells drilled; hence, steeper curves indicate more prolific and attractive plays.
A comprehensive report outlining the historical and recent development within resource additions from individual plays within the selected area was established. Bringing the report of creaming curves to the client workshop, Rystad Energy managed to facilitate an efficient process with the business development and exploration teams. The client teams found a common ground on which to assess peers exploration positions and efficiently reached a consensus long-list of farm-in opportunities.