The conventional approach to project-exploration strategic planning at the identification or access stage is focused usually on the confirmation of the presence of hydrocarbons and the reduction of uncertainty. At the end of the appraisal stage, the main purpose is to create a successful business case. However, a focus on the economic value of the entire project at the identification stage may lead to optimal exploration programs and increasing project expected monetary value (EMV). The objective of this case study is to describe a specific approach to establishing an exploration strategy at the initial stage on the basis of not only uncertainty reduction, but also early business-case development and maximization of future economic value.
Project Framing on the Basis of Geological Options and Uncertainties
The Pannonian basin, part of the Alpine orogenic system, is the largest Neogene basin in the intra-Carpathian area, surrounded by the Alpine, Carpathian, and Dinaric thrust belts and characterized by anomalous high-heat-flow values. Continental collision and shortening recorded in these thrust belts and the Pannonian basin extension with associated magmatic events were reported to be the main drivers of basin development.
