Oil and Gas Exploration and Appraisal is quite tricky. Essentially, the term denotes the act of searching for hydrocarbon deposits underneath the earth, and as such – the discovery of oil and natural gas. Geophysicists and petroleum geologists are tasked with finding prospects via searching for visible surface features such as oil seeps, natural gas seeps and pockmarks – which provides basic evidence of hydrocarbon generation, but their task doesn’t end there.
The act of exploration involves determining whether or not a prospect is a lead, and then exploring them via a series of complex seismic surveys to determine the features of this lead – essentially, how much oil and gas can be extracted. As oil and gas exploration is very well known for being expensive and high-risk, it’s imperative that a good picture is formed of what exactly is being dealt with. Especially when within the North Sea, the most typical of shallow shelf oil wells can cost in excess of $10-30 million to explore – and deep water wells can cost well over $100 million.
Of course, this means that only large companies and national governments are equipped financially to undertake such activities. Smaller companies may find themselves exploring elsewhere, and some wells have been known to cost as little as $100,000.
Of course, that’s still a large chunk of capital. Many companies opt for Oil and Gas Exploration and Appraisal support, and ERC Equipoise who are based in London, United Kingdom, are one of these companies. Known for their stellar portfolio of working with multiple oil and gas exploration companies within the past, ERC Equipoise are a company which provide an independent second opinion on oil and gas prospects, management, board decisions, and of course can provide support within financing raises.
Furthermore, they benefit from the ownership of complete and bespoke technical support, in order to understand prospects and therefore lower the element of risk associated with your prospect. They have experience of basin modelling, seismic evaluation and geology studies spanning a number of years, including sequence stratigraphy, quantitative geophysics modelling and velocity modelling.
Essentially, the more data is available for oil and gas exploration, the better. ERC Equipoise are but one of many highly specialised companies, which offer the support companies and governments need in order to truly take advantage of what’s under their feet.