Using Peer Reviews to Improve Uncertainty Assessment in New Ventures: A Holistic Approach

George Kronman and Leah Smith, Hess Corporation, Houston, Texas

Identifying and capturing new and viable oil and gas opportunities around the world requires teamwork amongst those with strong technical, business, political and economic skills experiences.

This paper examines how early technical and non-technical risk assessment through the use of early peer reviews can help reduce finding costs, increase exploration effectiveness and positively influence the success of an exploration program.

Peer reviews early in the life cycle of a project are a best practice for determining the attractiveness of an opportunity. The immediate benefit of an early peer review is to assess whether a petroleum system and fiscal/political/economic climate is sufficiently robust enough to invest additional manpower and capital. Would new technologies, methodologies, data or business approaches have a positive impact on the project, and if so, how much and at what cost? Do people from other disciplines need to be brought into the project? Recording the results of peer reviews across multiple projects at various times of their life cycle and involving people from multiple disciplines will enhance the systemic sharing of knowledge and learning across the organization.