ECONOMIC ADVANTAGES OF USING EXPLORATION 3D SEISMIC ON THE NORTH WEST SHELF

Abstract

The development of high capacity seismic 3D vessels has been so rapid that the oil industry has yet to optimise its investment in seismic data. However, the oil companies are becoming increasingly aware of the financial benefits of multi-client surveys which maximise vessel efficiency and provide a comprehensive evaluation of large areas.

Many oil companies continue to design exploration seismic programs based on 2D seismic and acquire 3D seismic surveys after drilling the exploration/discovery well and generally after at least one appraisal well. Such single client surveys are limited by expected field outlines, which results in high unit costs for the seismic and missed opportunities beyond these outlines.

The immediate benefits identified from obtaining early 3D data include: a higher success rate, optimisation of well locations, more rapid and cost effective appraisal, earlier screening studies, and an advanced development program. The combination of these factors can accelerate production by up to 18 months.

For the scenarios evaluated in this paper, the use of 3D seismic early in the exploration period translates into an increase in Net Present Value of A$18-33 million and Expected Monetary Value of A$50-58 million for a 50 MMBBL oil field.