Elsevier, the information analytics business specialising in science and health, has today announced an expansion of Geofacets, its information solution for exploration and development, with the addition of content from the Indonesian Petroleum Association (IPA). Elsevier’s collaboration with the IPA will double the amount of information available to users in Indonesia by increasing the current number of maps and data assets by 10 000, helping reduce exploration risk in the region.
Indonesia retains vast oil and gas reserves including seven billion barrels of oil and 150 trillion ft3 of gas, valued at approximately US$120 billion. Yet many of the country’s existing fields are ageing and late in their lifecycle. Geoscientists need access to a wider range of accurate data assets to gain actionable insights to discover and assess the potential of new extraction sites.
“Our mission is to be the voice of the upstream oil and gas industry in Indonesia, to benefit government, investors, communities, employees, customers and the environment,” said IPA Executive Director, Marjolijn Wajong. “In order to accomplish our mission, the IPA aims to make it easier for geoscientists to find our content, thereby helping them to make better decisions and reduce their risk. In conjunction, we also seek to collaborate with partners that can disseminate our valuable data on Indonesia to an even wider and more varied audience, which is why we’ve chosen to work with Elsevier and add our content to Geofacets.”
Indonesia urgently needs new oil and gas reserves, as demand increases and production from mature fields decreases, according to Gilad Hoshen, Senior Product Manager of Geofacets at Elsevier.
“The Government has targeted investments of over US$37 billion in the mining and petroleum sector in 2018, according to Deputy Energy and Mineral Resources Minister Arcandra Tahar (Republika, 20/4/2018),” Hoshen said. “Those companies that prioritise Indonesian prospects with the best-validated exploration risk-assessments stand to gain financially.
“However, with oil prices still volatile, the ROI on new field research is always changing; companies need to de-risk their exploration efforts as much as possible. Adding IPA’s maps and data to Geofacets will enable geoscientists to optimise their upstream decisions and predictions, improving the quality of search results by up to 50%. This is particularly valuable with the IPA collaboration, because much of its content is petroleum-focused; thereby mitigating risk as early in the exploration process as possible,” Hoshen said.
The initial 3000+ maps are from the Proceedings of the Indonesian Petroleum Association (2010-present) and were available on April 26. Additional content will be added by July 2018, raising the total number of available maps, figures, and tables in Geofacets to over 1.75 million.
Read the article online at: https://www.oilfieldtechnology.com/exploration/07062018/elsevier-expands-indonesian-content-in-geofacets-mitigating-risk-in-upstream-oil-and-gas-research-efforts/