Prospect Inventory Management

The Challenge

Prospect inventories are the future assets of E&P companies. As prospects develop from leads or are acquired, each must be evaluated for viability – via technical peer-review and economic review within the context of the portfolio of prospects. Oftentimes, technical review teams exist in different parts of an exploration organization and have no way of knowing when a new idea is created. Thus they can’t plan effectively and cannot assist early in prospects’ lifecycle. This makes it difficult to allocate resources and budget effectively. For exploration teams, rolling up all this information for each prospect so that it can be evaluated relative to the rest of the portfolio on a regular basis requires tremendous organizational effort and information management. Finally, budgetary and portfolio decisions based on these regular reviews are often separated from the information that is the basis for the decision itself. Executives and asset managers need a way to manage the constantly changing information and knowledge from their prospect inventory in order to make effective decisions. 3GiG delivers a solution to this challenge.

The 3GiG Solution

3GiG’s Prospect Director is easily configured to store information for prospect inventory management across the E&P enterprise, making this technology very easy to implement throughout the organization. It tracks prospects from their early inception as leads or whenever acquired. Portfolio or asset managers create and manage information provided by the team members through a series of stage gates and project sanction decision points capturing a life-of-prospect story for the entire asset team to view and use. Prospect stories are captured in the database that go from leads to successful drilling and can connect later to the producing asset. Even the prospects that never receive sanction are captured and the reasons why they were rejected, thus reducing the chance of reworking an area without new data. Team members are able to capture their expert recommendations on prospects and collaborate on final scope of work to be submitted for prospect AFE approval. Managers have a portfolio dashboard with company metrics for line-of-sight clarity.