Prospect evaluation requires a multi disciplined approach and should recognise uncertainty in respect of the determination of recoverable reserves, field life production costs, product prices, political and fiscal regimes. This paper compares alternative prospect evaluation methodology and demonstrates, in an example, that significantly different values can be calculated using the alternative methods. An integrated approach to prospect evaluation is put forward and a preferred methodology using an interactive computer model is suggested. The importance of location and the proximity of existing infrastructure to the prospect is discussed, and the incorporation of advances in drilling and subsea development techniques are addressed.

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