SELECTING THE WINNING BID

2002 ◽  
Vol 42 (1) ◽  
pp. 523
Author(s):  
E. Alexander ◽  
J. Morton

Work program bidding is established as the favoured method of allocating petroleum exploration tenements in offshore Australian waters and most of onshore Australia. However, the selection of winning bids can be complicated by the ranking of 2D versus 3D seismic, seismic versus drilling, program timing issues etc. On occasion the selection of the winning bids has been contentious. This paper summarises the process developed by the Petroleum Group in South Australia to select the winning work program bids for prospective onshore blocks for which bids have been gazetted. No other Australian jurisdiction has yet publicly released their detailed bid assessment processes.Onshore acreage releases with work program bidding have been used in South Australia since the 1980s by Petroleum Group to:focus industry onto specific prospective areas of the State (e.g. the Cooper Basin post expiry of PELs 5 and 6 in 1999); maximise exploration commitments; and achieve competition policy.The South Australian Petroleum Act 2000 allows cash or work program bidding to be used depending on the acreage. Acreage releases are announced by Ministerial press release. Associated clear bid assessment criteria are published together with promotional material to aid applicants. The date and time for close of bidding are also established, usually allowing a 6–9 month acreage evaluation period, the timeframe depending on the volume of data involved, i.e. the exploration maturity of the area.Applications received as a result of a gazettal process (i.e. competing bids) are assessed by a process designed to ensure probity and to achieve the over-arching aim of the bidding process i.e. the suitability of the applicants proposed work program for evaluating the prospectivity of the licence area and discovering petroleum.A scoring system has been developed which establishes, for each bid what is effectively a risked net present value in well equivalents. In this system, guaranteed work scores higher than non-guaranteed work; early work scores higher than later work; wells with multiple targets are scored higher than single target wells; 2D and 3D seismic and other exploration activity is converted into well equivalents; and loading of the later, non-guaranteed years of work programs are heavily discounted.The scoring system may also take into account differences in the amount and density of exploration data and minor variations may be made to the system to take this into account. It is intended that details of the scoring system to be used in bid assessment will be published each time bids are sought to ensure transparency and a level playing field.Comparisons are made with acreage management philosophy and processes used by other regulatory regimes in Australia and internationally.

2019 ◽  
Vol 59 (2) ◽  
pp. 493
Author(s):  
D. Lockhart ◽  
D. Spring

Available data for 2018 indicates that exploration activity is on the rise in Australia, compared to 2017, and this represents a second year of growth in exploration activity in Australia. There has been an increase in area under licence by 92 000 km2, reversing the downward trend in area under licence that commenced in 2014. Since 2016, exploratory drilling within Australia has seen a continued upward trend in both the number of wells drilled and the percentage of total worldwide. Onshore, 77 conventional exploration and appraisal wells were spudded during the year. Offshore, exploration and appraisal drilling matched that seen in 2017, with five new wells spudded: two in the Roebuck Basin, two in the Gippsland Basin and one in the North Carnarvon Basin. Almost 1500 km of 2D seismic and over 10 000 km2 of 3D seismic were acquired within Australia during 2018, accounting for 2.4% and 3.9% of global acquisition, respectively. This represents an increase in the amount of both 2D and 3D seismic acquired in Australia compared with 2017. Once the 2017 Offshore Petroleum Acreage Release was finalised, seven new offshore exploration permits were awarded as a result. A total of 12 bids were received for round one of the 2018 Offshore Petroleum Exploration Release, demonstrating an increase in momentum for offshore exploration in Australia. The permits are in Commonwealth waters off Western Australia, Victoria and the Ashmore and Cartier islands. In June 2018, the Queensland Government announced the release of 11 areas for petroleum exploration acreage in onshore Queensland, with tenders closing in February/March 2019; a further 11 areas will be released in early 2019. The acreage is a mix of coal seam gas and conventional oil and gas. Victoria released five areas in the offshore Otway Basin within State waters. In the Northern Territory, the moratorium on fracking was lifted in April, clearing the way for exploration to recommence in the 2019 dry season. With the increase in exploration has come an increase in success, with total reserves discovered within Australia during 2018 at just under 400 million barrels of oil equivalent, representing a significant increase from 2017. In 2018, onshore drilling resulted in 18 new discoveries, while offshore, two new discoveries were made. The most notable exploration success of 2018 was Dorado-1 drilled in March by Quadrant and Carnarvon Petroleum in the underexplored Bedout Sub-basin. Dorado is the largest oil discovery in Australia of 100 million barrels, or over, since 1996 and has the potential to reinvigorate exploration in the region.


2001 ◽  
Vol 41 (2) ◽  
pp. 73
Author(s):  
J. Fahey ◽  
D. Perks

This paper briefly describes a number of legal developments in 2000 which may be of significance to participants in the petroleum exploration and production industry.There has been a number of varied legal developments in this field during the past year, and this paper is not an exhaustive account of all of them. Instead, an attempt has been made to provide an overview of selected developments during 2000 which are noteworthy. With this mind, this paper deals with the following matters:prospective East Timorese independence and the Timor Gap Treaty (focussing on practical arrangements);changes to the work program bidding system;commencement of the Petroleum (Submerged Lands) Legislation Amendment Act No 1 2000 (Cth);review of federal and state petroleum (submerged lands) legislation against competition policy principles;commencement of the Environment Protection and Biodiversity Conservation Act 1999 (Cth);reform of petroleum legislation in South Australia and Queensland; andgreenhouse reforms.In respect of the matters noted above, we have attempted to outline the implications for participants in the petroleum exploration and production industry.


2007 ◽  
Vol 47 (2) ◽  
pp. 631
Author(s):  
J.E. Blevin

Key business indicators show an upward trend in exploration activity in Australia during 2006. The year was marked by fluctuating high oil prices, a strong uptake of acreage in most basins, and increased levels of drilling activity and seismic acquisition. Market demand for product, production infrastructure and the fruition of several development projects have pushed the level of exploration activity in both offshore and onshore basins. Despite this trend and the spread of tenements, almost all petroleum discoveries made during 2006 were located within 15 km of existing (but often undeveloped) fields.The Carnarvon Basin continued to be the focus of most offshore exploration activity during 2006, with the highest levels of 3D seismic acquisition and exploration/appraisal/development drilling in the country. Discoveries in the Carnarvon Basin also covered the broadest range of water depths—extending from the oil and gas discoveries made by Apache on the inboard margin of the Barrow Subbasin, to the deepwater gas discoveries at Clio–1 and Chandon–1 by Chevron. Several large gas discoveries were made in the Carnarvon and Bonaparte basins and provide significant tie-back opportunities to existing and planned infrastructure. The Bonaparte Basin also saw significantly increased levels of 2D and 3D seismic acquisition during 2006. Onshore, the Cooper/Eromanga basins continued to experience the highest level of drilling activity and seismic acquisition, while maintaining an overall high drilling success rate. For the first time in many years, data acquisition also occurred in frontier basins like the Daly (Northern Territory), Darling (New South Wales), Tasmanian (Tasmania) and Faust/Capel basins (Lord Howe Rise region).Coal seam methane (CSM) exploration maintained a strong performance in 2006, particularly in Queensland, while South Australia, Queensland and Victoria continue to lead the way with large tracts of acreage gazetted for geothermal energy exploration.


2021 ◽  
pp. 021849232110304
Author(s):  
Mehrnoush Toufan ◽  
Zahra Jabbary ◽  
Naser Khezerlou aghdam

Background To quantify valvular morphological assessment, some two-dimensional (2D) and three-dimensional (3D) scoring systems have been developed to target the patients for balloon mitral valvuloplasty; however, each scoring system has some potential limitations. To achieve the best scoring system with the most features and the least restrictions, it is necessary to check the degree of overlap of these systems. Also the factors related to the accuracy of these systems should be studied. We aimed to determine the correlation between the 2D Wilkins and real-time transesophageal three-dimensional (RT3D-TEE) scoring systems. Methods This cross-sectional study was performed on 156 patients with moderate to severe mitral stenosis who were candidates for percutaneous balloon valvuloplasty. To morphologic assessment of mitral valve, patients were examined by 2D-transthoracic echocardiography and RT3D-TEE techniques on the same day. Results A strong association was found between total Wilkins and total RT3D-TEE scores (r = 0.809, p < 0.001). The mean mitral valve area assessed by the 2D and 3D was 1.07 ± 0.25 and 1.03 ± 0.26, respectively, indicating a mean difference of 0.037 cm2 (p = 0.001). We found a strong correlation between the values of mitral valve area assessed by 2D and 3D techniques (r = 0.846, p < 0.001). Conclusion There is a high correlation between the two scoring systems in terms of evaluating dominant morphological features. Partially, mitral valve area overestimation in the 2D-transthoracic echocardiography and its inability to assess commissural involvement as well as its dependence on patient age were exceptions in this study.


2018 ◽  
Vol 8 (12) ◽  
pp. 2406 ◽  
Author(s):  
Hamed Saghafi ◽  
Mohamad Fotouhi ◽  
Giangiacomo Minak

This paper reviews recent works on the application of nanofibers and nanoparticle reinforcements to enhance the interlaminar fracture toughness, to reduce the impact induced damage and to improve the compression after impact performance of fiber reinforced composites with brittle thermosetting resins. The nanofibers have been mainly used as mats embedded between plies of laminated composites, whereas the nanoparticles have been used in 0D, 1D, 2D, and 3D dimensional patterns to reinforce the matrix and consequently the composite. The reinforcement mechanisms are presented, and a comparison is done between the different papers in the literature. This review shows that in order to have an efficient reinforcement effect, careful consideration is required in the manufacturing, materials selection and reinforcement content and percentage. The selection of the right parameters can provide a tough and impact resistant composite with cost effective reinforcements.


2018 ◽  
Vol 58 (2) ◽  
pp. 779
Author(s):  
Alexandra Bennett

The Patchawarra Formation is characterised by Permian aged fluvial sediments. The conventional hydrocarbon play lies within fluvial sandstones, attributed to point bar deposits and splays, that are typically overlain by floodbank deposits of shales, mudstones and coals. The nature of the deposition of these sands has resulted in the discovery of stratigraphic traps across the Western Flank of the Cooper Basin, South Australia. Various seismic techniques are being used to search for and identify these traps. High seismic reflectivity of the coals with the low reflectivity of the relatively thin sands, often below seismic resolution, masks a reservoir response. These factors, combined with complex geometry of these reservoirs, prove a difficult play to image and interpret. Standard seismic interpretation has proven challenging when attempting to map fluvial sands. Active project examples within a 196 km2 3D seismic survey detail an evolving seismic interpretation methodology, which is being used to improve the delineation of potential stratigraphic traps. This involves an integration of seismic processing, package mapping, seismic attributes and imaging techniques. The integrated seismic interpretation methodology has proven to be a successful approach in the discovery of stratigraphic and structural-stratigraphic combination traps in parts of the Cooper Basin and is being used to extend the play northwards into the 3D seismic area discussed.


2017 ◽  
Vol 26 (12) ◽  
pp. 3377-3385 ◽  
Author(s):  
Janel Hanmer ◽  
David Cella ◽  
David Feeny ◽  
Baruch Fischhoff ◽  
Ron D. Hays ◽  
...  

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