An exploration company is successful when it predictably and consistently creates high value from petroleum exploration. When defined like that, exploration success depends on the right combination of property (acreage), processes, people, and luck. In this talk, I will address less-understood elements of the exploration success equation such as forecasting abilities explorers, related biases, and the role of randomness, serendipity, and luck in the outcomes of exploration projects.
Presented by Alexei V. Milkov, Director of Potential Gas Agency, Colorado School of Mines
An exploration company is successful when it predictably and consistently creates high value from petroleum exploration. When defined like that, exploration success depends on the right combination of property (acreage), processes, people, and luck. In this talk, I will address less-understood elements of the exploration success equation such as forecasting abilities explorers, related biases, and the role of randomness, serendipity, and luck in the outcomes of exploration projects.