The role of 3-D seismic in a world‐class turnaround

Abstract

Amoco has achieved a major turnaround in exploration performance in the mid-1990s. Production replacement improved from 60% in 1992 to 179% in 1996 (Figure 1); cost of finding dropped from $8/bl in 1991 to under $1/bl in 1996; new resources found improved from 200 million barrels of oil equivalent (boe) in 1991 to 1000 million boe in 1994 and 1996; and exploration drilled success rate jumped from 13% in 1991 to 44% in 1996.