UK Prospect Expo 2003 - 18 th & 19 th November 2003 - IHS Energy Highlights Solutions to Maximise Exploration Potential for new UKCS Promote License Holders and North Sea Investors
LONDON (November 18, 2003) -- IHS Energy, the global source of oil and gas information, analytical software and consulting services, has highlighted a range of solutions aimed specifically at new UKCS Promote license holders and North Sea Investors. This includes a new North Sea Quick-Start Program designed and priced to help new entrants take advantage of detailed data and information without a huge upfront investment. This is complemented by IHS Energy's Consulting Division which has developed skills and methodologies to suit the North Sea operating environment.
Jointly hosted by the DTI and PESGB, the UK Prospect Expo forms a venue for oil and gas companies including the recently announced ‘Promote' Licensees to market prospects and meet with potential investors.
Speaking at the event, Paul Webber, Regional Manager, IHS Energy, detailed how IHS Energy had aligned its services to match the needs of new license holders – many of whom will be operational in Europe for the first time.
“New license holders include many smaller independents who need to quickly assess and exploit potential while minimising risks and costs. IHS Energy has been gathering, standardising and reporting on the North Sea since the province was in its infancy and has a unique insight into its exploration future. Our Consulting Division has developed services to suit the North Sea operating environment based on detailed data. These business models and strategy/investment plans enable operators to increase their ability to make the right decision and thus realise full return on their investments,” said Webber.
Services provided within the North Sea Quick-Start Program include detailed data and comprehensive studies and maps of the region, plus news and scouting information. Additional consultancy services can address issues such as business planning and risk management.
“Two key considerations for license holders and investors will be legacy risk associated with field abandonment and also the need to reduce risk when operating in high-pressure zones. Pressure considerations are an easily overlooked aspect of project planning, yet it has been reported that more than 90 percent of unpredicted drilling downtime is due to overpressure in certain high-potential regions,” added Webber.
As release agent for the UK government, IHS Energy provides regular releases of well logs and reports during the year as Scanned Image CDs or hardcopy. Subsurface solutions include: verified raw and merged digital wireline data, formation-pressure database and well attributes data.
IHS Energy's Formation Pressure Database covers more than 5,500 wells worldwide including 3,750 wells in Europe. When used in conjunction with interpretive software, the pressure data allows explorationists, drillers and health and safety departments to view pressure data and run applications to assess uncertainties such as fluid types and contacts, pressure seals, fracture gradients, depletion monitoring and potential drilling risks.