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- W71902751 abstract "Under the current economic conditions, in which capital available for exploration is limited due to reduced earnings, high interest rates and reduced investment capital from the private sector caused by tax law change, many in the oil industry have had to rethink their approach toward exploration. In the future, exploration will have to compete for the company's resources with other business opportunities and exploration will, out of necessity, have to operate as a business, not as a function as it has in the past. Great strides have been made in the past few years in using risk analysis in exploration economics. However, risk analysis alone does not easily provide a method for comparing exploration programs with other businesses at the corporate level in the strategic planning process. This paper proposes applying an adaptation of portfolio theory to the exploration process. Portfolio theory refers to optimizing a set of business ventures, examined as a whole, based on utility to the firm. Portfolio analysis has been used successfully in the strategic planning process to compare various business opportunities and to set corporate strategies for those businesses. By reviewing the petroleum exploration industry as a portfolio of investment opportunities, individual prospect evaluations canmore » be tied together and an exploration program evaluated as a unified whole. With this in mind, viability measures were developed to give success probabilities for an entire program. A matrix approach is used to conveniently display key attributes and develop criteria for objective evaluation of the program. In this way the strategy of exploration can be successfully integrated with the corporate strategic objectives.« less" @default.
- W71902751 created "2016-06-24" @default.
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- W71902751 date "1983-03-01" @default.
- W71902751 modified "2023-09-23" @default.
- W71902751 title "Portfolio analysis of exploration strategies" @default.
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