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Supporting Portfolio Management Teams with a realistic exploration forecast  


In a dynamic business environment, resource exploration teams face enormous challenges as not all available project candidates can be pursued simultaneously.


Exploration in many operators has shifted from being opportunity-driven to being led by a portfolio-based strategy. The exploration opportunity portfolio is managed by a dedicated team responsible for its integrity, volumetric and economic assessment. Prospects in portfolio usually grouped according geographic- or play-based opportunity and periodically reviewed against pre-agreed milestones, deliverables, and portfolio improvement targets. The outcome of such review for projects may be endorsement of further work, agreement to drill, welltest, or the decision to terminate work in case of inadequate reward potential when compared against other opportunities.

The need to  apply new technologies before proceeding further is very common globally and it's when heliometric data plays significant role in the early generation and selection of new concepts and opportunities, the prospect assessment and used to determine annual finding targets and formulate exploration strategies followed by the development of prospects using existing and newly acquired well, seismic, and other geological data.

Heliometric data can be used at stages of early peer reviews and initial appraisal, ensuring high quality of prospects review prior to drilling a prospect, in order to review and endorse the risks and volumetrics of a prospect. 


Heliometric data makes a major contribution to the quality of prospects that are selected for drilling by supports exploration evaluation teams in assessing prospects with Probability Of Success (POS) and Mean Success Volume (MSV) evaluations generating the number of drillable prospects.

All well outcomes are the subject of a post-drilling review in order to ensure that "heliometric image" of successful wells is captured, and subsequently fed back into the future evaluation of other prospects.


Heliometric data in portfolio management is used as follows:

  • prospect evaluation

  • basin potential assessment

  • prospect appraisal

  • review of prospect appraisal performance

  • portfolio integrity

  • mapping strategic criteria and strategy development

  • prioritisation

  • activities schedule planning

  • Integrated Prospect Risk, Resource and Value Assessment

Thanks to heliometric data used in evaluation processes together with a robust suite of other tools, the O&G operators have a better understanding of the composition and quality of the prospect portfolio, and is explicitly aware of the challenges and issues facing exploration.

This service is performed by our sister company Novel Prospecting Ltd.

Heliometric Data + Decision Model

The number of prospect portfolios usually is so high that they cannot be valued manually.

Our solution is a ML-based decision model powered by heliometric data that assists exploration companies in the selection and scheduling of exploration projects.  Our decision model is beneficial as it serves as formal requirements specification for software, which automate both the compilation and valuation of prospect portfolios.

The decision model prioritises project portfolios, i.e. unique compilations of exploration projects, in terms of their contribution to the company's long-term firm value, recommending the implementation of the value-maximizing portfolio.

Our model covers the selection of the most appropriate prospects from a list of candidates and the scheduling of selected projects for distinct planning periods in line with pre-defined performance criteria and constraints.

Project portfolio selection comprises six stages:

  1. Prospect pre-screening - projects are checked for strategic alignment and whether they are mandatory

  2. Individual prospect analysis - projects are evaluated individually regarding their impact on the performance criteria such as cost, revenue, or time

  3. Prospect screening - projects are rejected in case their anticipated effects do not satisfy pre-defined thresholds

  4. Optimal portfolio selection - selected projects shall jointly meet the performance criteria best and scheduled for different periods

  5. Portfolio repeated review - project portfolios reviews and encompassed the continuous monitoring of implementation to ensure the realisation of planned effects

  6. Portfolio adjustment - if needed (for example, latest completion dates or limited budgets), includes deletion, cancellation, addition or reprioritisation of prospects


Procedure steps for solving multi-criteria problems:

  1. identification and mathematical modelling of relevant decision criteria

  2. definition of decision variables and constraints

  3. data collection

  4. generation and valuation of alternatives

  5. selection of the preferred alternative

  6. implementation of the selected alternative

In our modelling we combine:

  • normative analytical modelling that captures the essentials of decision problems in terms of mathematical representations to produce prescriptive results, valuate competing prospect alternatives, measuring the effects of prospects via performance criteria, and

  • multi-criteria decision analysis that helps structure decision problems by incorporating multiple decision criteria, resolving conflicts, and appraising value judgments 

High-quality Heliometric data links Exploration Strategy, Portfolio Management and Technical Processes 

Heliometric data in portfolio management:

  • supports only the consideration of projects that align with an organisation’s corporate strategy,

  • evaluates projects individually before compiling them into project portfolios,

  • considers project constraints,

  • encompasses the continuous monitoring of project implementation

CONVENTIONAL and unconventional Oil & Gas, helium, geothermal, hydrogen deposits 

and offshore

AREAL 3D heliometric survey


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