Definition of exploration strategy
Exploration strategy is the science of planning and direction of large-scale exploration activities. Correspondingly to get a very favorable blood will be the presence of mineral deposits or hydrocarbon accumulation before the actual search. The purpose of the strategy according to Griffithts (1967) is how to direct all efforts to achieve the exploration objectives undertaken by planning, organizing and controlling all elements in an attack system.
Goal of exploration strategy
But the important goal in the exploration strategy is from an economic point of view, namely:
- Efficiency, achieving targets with minimal cost and time, this involves costs with the effectiveness of the method used.
- Effectiveness, use of methods or technology effectively. For each type of reserve or oil and gas accumulation, different geological guidelines are to choose. Also for each type of geological clue requires a separate exploration method. This is to optimize the cost. Optimisation in relation to the effectiveness of the method used to determine the absence of any symptoms or guidance on which the basis is used as the selection process is used.
- The cost benefit of the use of exploration methods. A geologic phenomenon which may be explored by a particular method accurately. The main problem is the cost very expensive. It is possible to choose a method that is accurate but good enough at a cheaper cost. This is particularly dependent on the magnitude of the expected objective value. For example in oil and gas exploration, expensive seismic use is often apply in the early stages of an exploration program. In the other hand, in coal exploration using the same geological guidance, seismic surveys are rare. Suggested not to use it unless the outcome will be profitable. Example avoiding future problems that can result in much more expensive operational costs.
- Minimize risk, exploration strategies aimed at minimizing the risk of suffering huge losses. For this exploration strategy, it should provide an opportunity to make decisions at any time. Any time means the business is reliable to continue or not or to take other alternatives before a major loss occurs.