Abstract
Hydrocarbon exploration is a elevated risk investment and risk assessment is supreme for successful project management. Exploration risk is a hard concept and is usually defined by assigning confidence to the presence of five very important geological factors, as discussed above. This confidence is based on data and/or models and is usually mapped on Common Risk Segment Maps (CRS Maps). High confidence in the presence of vital geological factors is usually colored green and low confidence colored red. Therefore these maps are also called Traffic Light Maps, while the full procedure is often referred to as Play Fairway Analysis. The aim of such procedures is to force the geologist to objectively assess all different geological factors. Furthermore it results in simple maps that can be understood by non-geologists and managers to base exploration decisions on.
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