Companies have difficulty securing partners to farm in to international exploration and development projects. The objective of this paper is to describe a better process to accomplish international farm-outs. Companies of all sizes now pursue business internationally, including many emerging international companies based outside the United States. The time for farm-outs is traditionally short. This factor and the need for global participation amplify the difficulty of finding the right companies for an opportunity and supplying them with the right information to do the requisite analyses and get approvals in time.

The solution developed includes three fundamental elements: 1) an ability to quickly connect with the right people at the right companies, based on relatively real-time intelligence, 2) generation of an improved technical or commercial story, including use of an appropriate economic model for the fiscal regime, and 3) capability to provide the relevant information, including workstation projects whenever pertinent or possible, in a timely, convenient manner. A detailed description of the process will explain the key elements, why they are necessary, and what advantages result.

A new process is required to improve farm-out success, which will lead to the pursuit of more exploration and development projects worldwide. Traditional relationships remain a key component but must be combined with ever-evolving intelligence on companies’ organizations and their preferences. Better technical and commercial analyses to describe opportunities are imperative. Key information must be identified and distributed for maximum effect. Finally, the use of technology can make access to and use of all the key information easy and convenient. Online data rooms (ODRs) can provide quick, convenient access to the right information, including information memorandums (IMs), supporting documents, workstation projects, and economic models.

The process or parts thereof can be employed for most companies seeking to farm-out some level of participation in international opportunities. The process is most important when opportunities have global appeal and yet are associated with a less-known geologic setting, particular engineering challenges, or an unfamiliar fiscal regime.

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