Thanks to improved computing capabilities and technology innovations, explorers can reprocess existing and legacy 3D seismic surveys to generate a detailed understanding of subsurface properties. Improved processing and imaging techniques can allow companies to more fully understand targets and lower their risk via a smaller investment and quicker turnaround.
Reprocessing is an efficient and more affordable way to conduct early stage oil and gas exploration. Such an approach can be combined with the collection of new surveys at related targets and result in better utilisation of resources for an array of useful information for investors and other stakeholders.
For decades, the oil and gas industry has been relying on 3D seismic imaging, which uses sound waves to collect information for the development of a three-dimensional model of subsurface formations.
It’s considered one of the most crucial technologies involved in seeking commercially viable underground deposits of crude oil, natural gas and minerals, and for monitoring subsurface formations. Such an approach is used on land, to map the seafloor, and can be used to understand even challenging subsurface formations.
Data is collected systematically, following a grid to allow for the creation of a 3D image of a target.
The same technology can be utilised to create 2D models, along a line, but 3D has become industry standard in recent decades. Some companies are looking to use newer, 4D surveys for select projects. This approach adds a time variable, to track how subsurface deposits change.
A survey requires time and planning, and the acquisition of permits and other approvals, often related to environmental risks — such approvals in some regions can be difficult to obtain. Costs span engaging equipment and skilled operators, and expenses can climb for difficult-to-access targets, such as offshore locations.
The basics of seismic imaging have not changed dramatically in recent years, so older raw data is often comparable to that yielded from more recent surveys. The quality of a survey can vary widely, based on the skill of those involved and how rushed it was undertaken – issues that can happen with new surveys, as well as old.
However, there have been dramatic advances in processing and imaging techniques, so processed seismic information is very different than it was in the past. Processing algorithms have improved, as has processing power, so functions such as deghosting, designature and demultiple for offshore data can now be executed much more efficiently.
As more companies look to reprocessing older survey data, it’s become a common business practice in the oil and gas industry. Many organisations will license or sell their stores of survey data to generate revenue, and paying to access this material is still more affordable for exploration companies than undertaking a new survey.
Reprocessing is increasingly being used in conjunction with newly acquired survey data. As companies seek to better understand a larger prospect, for instance, they may combine older data from a range of sources and conduct selected, carefully targeted 3D or even 4D seismic surveys, where legacy data is not available or the legacy data is flawed.
With a more targeted approach to investing in fieldwork, companies can better leverage their financial resources to invest in innovative technology tools. That in turn is driving improvements in the exploration data and technology sector, while allowing exploration companies to achieve, project by project, the most robust views of subsurface targets possible.
Condor Energy has commenced a review of the new and improved reprocessed 3D seismic data to formulate a resource estimation of the main prospects.
Oil and gas exploration requires risk mitigation strategies. Reprocessing existing data by working with partners and levering technology instead of investing in redundant field work reduces costs. It’s also furthering innovation on the technology side, supporting a robust industry for those working in data, processing and imaging to further mature the digital aspects of exploration.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
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