Companies can reduce research time up to 50 percent in new exploration areas of reserves valued at 120 billion USD
New York, June 5, 2018 – Elsevier, the information analytics business specializing in science and health, has today announced an expansion of Geofacets, its information solution for exploration and development, with the addition of content from the Indonesian Petroleum Association (IPA). Elsevier's collaboration with the IPA will double the amount of information available to users in Indonesia by increasing the current number of maps and data assets by 10,000, helping reduce exploration risk in the region.
Indonesia retains vast oil and gas reserves including seven billion barrels of oil and 150 trillion cubic feet of gas, valued at approximately 120 billion USD. Yet many of the country's existing fields are aging and late in their lifecycle. Geoscientists need access to a wider range of accurate data assets to gain actionable insights to discover and assess the potential of new extraction sites.
“Our mission is to be the voice of the upstream oil and gas industry in Indonesia, to benefit government, investors, communities, employees, customers and the environment,” said IPA Executive Director, Marjolijn Wajong. “In order to accomplish our mission, the IPA aims to make it easier for geoscientists to find our content, thereby helping them to make better decisions and reduce their risk. In conjunction, we also seek to collaborate with partners that can disseminate our valuable data on Indonesia to an even wider and more varied audience, which is why we've chosen to work with Elsevier and add our content to Geofacets.”
Indonesia urgently needs new oil and gas reserves, as demand increases and production from mature fields decreases, according to Gilad Hoshen, Senior Product Manager of Geofacets at Elsevier.
“The Government has targeted investments of over 37 billion USD in the mining and petroleum sector in 2018, according to Deputy Energy and Mineral Resources Minister Arcandra Tahar (Republika, 20/4/2018),” Hoshen said. “Those companies that prioritize Indonesian prospects with the best-validated exploration risk-assessments stand to gain financially.
“However, with oil prices still volatile, the ROI on new field research is always changing; companies need to de-risk their exploration efforts as much as possible. Adding IPA's maps and data to Geofacets will enable geoscientists to optimize their upstream decisions and predictions, improving the quality of search results by up to 50 percent. This is particularly valuable with the IPA collaboration, because much of its content is petroleum-focused; thereby mitigating risk as early in the exploration process as possible,” Hoshen said.
The initial 3,000+ maps are from the Proceedings of the Indonesian Petroleum Association (2010-present) and were available on April 26. Additional content will be added by July 2018, raising the total number of available maps, figures, and tables in Geofacets to over 1.75 million.
Geofacets helps oil and gas companies prioritize opportunities, optimize resources, and manage risk. It combines a vast, vetted library of maps, figures and tables with powerful location-based search, so companies find information fast. Whether georeferencing maps or structuring tabular data, Geofacets formats content so it's easier to integrate and analyze. For more information, please visit: https://www.elsevier.com/solutions/geofacets.