--> ABSTRACT: The Prospect Inventory: Managing for Results in a Learning Organization, by Ellen F. Biasucci, Paul R. Young; #91020 (1995).

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The Prospect Inventory: Managing for Results in a Learning Organization

Ellen F. Biasucci, Paul R. Young

In 1992 PanCanadian developed an integrated prospect inventory management system to serve three purposes: (1) a repository for prospect information, (2) an exploration management tool, and (3) a lookback vehicle to identify areas for continuous improvement. This prospect inventory contains information on chance factors of success; pool size probabilities; exploration, development and production costs; economic viability; and anticipated prospect scheduling. These data fields can be displayed in spreadsheet format using a variety of selection and sorting criteria or, where appropriate, plotted on a timeline chart.

Careful analysis of this data allows one to rank exploration opportunities, balance the drilling portfolio with the desired mix of high and low risk prospects, and prepare a budget outlining expected costs and reserve additions for selected prospects. Tracking results with the inventory allows on-going performance assessment on a corporate, regional, or team level. The prospect schedule also forms a work planning tool for exploration operations, resulting in significant cost savings for drilling and seismic acquisition groups.

The key function of the prospect inventory is to provide lookback information by comparing expected and actuals over time for critical data such as reserves or chance of success. Lookbacks are viewed by the learning organization as an opportunity to benefit from past experiences and continuously improve. Poor prediction of results may illustrate the need for increased trailing in estimating techniques, geological conceptualization and description, or critical risk identification. Undrilled prospects are investment opportunities and analysis of geotechnical performance indicators extracted from the inventory indicate proven success and enable optimization of capital allocation.

AAPG Search and Discovery Article #91020©1995 AAPG Annual Convention, Houston, Texas, May 5-8, 1995