Framework for statistical analysis for assessment of return on investment in Venezuela

February 6, 2024
U3 Explore
With statistical analysis used in various economic forecasting, it is essential to have a relevant framework to group parameters characterizing the technical aspects of the projects into meaningful analysis. In the Petroleum industry, lease blocks are selected based on the remaining reserves' potential and geologic insights to unlock possible discoveries even in mature basins. Significant upside potential exists in Venezuela's petroleum assets, where the oil and gas industry stopped a natural petroleum province maturation process due to political reasons in the early 2000s.
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It took a hundred years of learning regional geology and moving from data collection to organized knowledge and insights, mapping geologic relationships and publishing them in books, reports, and bulletins in small numbers, often only in Spanish and only in Venezuela.To derive value from this knowledge for investors requires the diligent work of experts, building a network of relationships between different layers of historical information, converting the information into new digital formats, and applying modern analytical methods in a meaningful framework.

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Thousands of the individual flow units were analyzed and classified into concepts of Play-based Exploration for the application of modern digital tools for educated Investment Decisions

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A statistically valid framework for the analysis of parameters has digital repositories designed for a specific business problem. For example, the Venezuelan Lexicon of Formations, published in 1997 by the Geological Society of Venezuela, was reviewed and upgraded to link with Geoportal maps that describe existing hydrocarbon fields, producing reservoirs, and new exploration plays. Information in U3D Venezuela Geoportal is organized with an understanding of new and historical outlines of the basins and assets, grouping information into logical, statistically valid sets with related parameters.

Integration of U3D Venezuela Database elements and Geoportal provides an educated decision path and de-risk the Investment Decisions.


U3D Venezuela database has extensive attributes in Fields and Reservoirs tables and is designed on the analytical foundation of the Cossey and Associates product enhanced and rebranded under U3D. All deep water explorers of 2000-2020 are familiar with this worldwide analog database with searchable properties for turbidite reservoirs and corresponding depositional settings.

We categorized and analyzed the content for the U3D Venezuela database from the digitized books collected by our network. A few references of interest are:

  • Bulletin, Venezuelan Association of Geology, Mining and Petroleum (AVGMP) 1959-1983.
  • GEOS Magazine - School of Geology and Mines, Universidad Central de Venezuela 1959-2015.
  • Bulletin of the History of Geosciences of Venezuela, Sociedad Venezolana de Historia de las Geociencias 1984-2021.
  • Bulletin of the Ministry of Mines and Hydrocarbons 1951-1953.
  • Bulletin of the Venezuelan Society of Geology 1951-2011.
  • Venezuelan Geological Congresses, Sociedad Venezolana de Geológos (SVG) 1959-1997.
  • Bolivarian Symposiums, Asociación Colombiana de Geólogos y Geofísicos de Petróleo 1982-2016.

‍U3 EXPLORE converted to digital more than 17,000 physical legacy documents, including institutional publications that are now scattered in academic and private libraries. The documents were used by U3 EXPLORE for in-house research. The documents are not for commercial sale.

DOMAINS
Data Analytics
Data Management
Data Science Analytics
GIS
Geology
Regional Geology
Production Geology
Opportunity Maturation
Screening Opportunities
Geography
Venezuela
Maracaibo Basin
Eastern Venezuela Basin
Apure-Barinas Basin
Orinoco Oil Belt
Faja del Orinoco
Offshore Orinoco Delta
Falcon
AUTHOR
COAUTHOR(s)
Marel Sanchez
MEMBER SINCE
Nov 20, 2019
U3 Explore and Actus Veritas Geoscience Founder and Managing Director | Geoscience | Decarbonization Projects

Over 30 years as a geoscientist specializing in subsurface characterization across Latin America, the Caribbean, and Africa. Experienced in high-stakes, multicultural teams with strong technical expertise in basin/play, asset evaluation, and decarbonization initiatives. Proven leader in digital transformation, utilizing AI-driven data solutions to streamline geological data accessibility, enhance resource planning, and advance sustainable practices. Skilled in technology selection and implementation to maximize project impact in resources and energy development.

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Kenneth Mohn
MEMBER SINCE
Aug 18, 2023
Founder and President of Mohn and Associates

Using Geology and Geophysics to Acquire and Process customized seismic surveys, Data re-Processing, Data Management, Data Brokerage, Prospect Sales

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Stephen Cossey
MEMBER SINCE
May 29, 2022
Chief Geoscientist @ Cossey and Associates Inc.

Dr. Stephen Cossey is chief geoscientist at Cossey and Associates Inc. providing geoconsulting. He has more than 40 years of experience in the petroleum industry. He worked for Conoco Uranium exploration and International Exploration and Sohio/BP prior to starting his own company in 1995. With Sohio, he was working in oil & gas exploration in frontier areas of the US. He spent 2 years based at BP Research in Sunbury, UK, and helped to start BP’s deep-water research program. The remainder of the time at BP was spent working on exploration in the onshore US

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Juan Francisco Arminio
MEMBER SINCE
Sep 7, 2020
Geoscience Advisor

Senior Geoscience Advisor at U3 Explore, G&G Manager at New Stratus Energy, and Associate Professor at Universidad Simón Bolívar. Geoscientist with extensive experience in exploratory analysis and integration, passionate for new technologies applied to solve geotechnical challenges. Skilled in uncertainty reduction and functional play visualization for exploration and production of hydrocarbons, and subsurface container characterization.

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VIEW REPORT
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VIEW REPORT
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VIEW REPORT
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VIEW REPORT
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VIEW REPORT
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VIEW REPORT
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Jul 29, 2020
Katya (Ekaterina) Casey

Basin and play exploration are inherently governed by the management of risk and uncertainty at the portfolio level. Exploration investment decisions biased by risk-averse teams are susceptible to first-order basin statistics which may reflect a historical “poor” exploration history and exhaustion of existing play concepts. New concepts, new models, new thinking, and consideration of alternatives often result in a paradigm shift despite previous negative results.

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Basin and play exploration are inherently governed by the management of risk and uncertainty at the portfolio level. Exploration investment decisions biased by risk-averse teams are susceptible to first-order basin statistics which may reflect a historical “poor” exploration history and exhaustion of existing play concepts. New concepts, new models, new thinking, and consideration of alternatives often result in a paradigm shift despite previous negative results.
Survey Results: Adaptation or remission : what next for E&P?
May 30, 2020
Katya (Ekaterina) Casey

The purpose of the survey is to collect information across different companies and geographies and help the industry in recovery after the crisis. There are many publications about how lost we became and the recognition that people want to return to a "new normal." There is an understanding that this "new normal" should reflect not only our new hygiene practices but also help us to reconnect with our lives, families, and friends, make our work more meaningful, and help us to focus on things that are important in our lives.

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The purpose of the survey is to collect information across different companies and geographies and help the industry in recovery after the crisis. There are many publications about how lost we became and the recognition that people want to return to a "new normal." There is an understanding that this "new normal" should reflect not only our new hygiene practices but also help us to reconnect with our lives, families, and friends, make our work more meaningful, and help us to focus on things that are important in our lives.
Why Value Networking is essential or why shopping for skills on LinkedIn might get one in trouble.
May 13, 2020
Katya (Ekaterina) Casey

An example of the difference between U3 Explore and LinkedIn approach to professional networking. I use LinkedIn regularly myself following the posts of the people whose opinion I value and from whom I learn. Today on LinkedIn, I came across a simple explanation of why building a Value Network that is assembled and promoted not by paid campaigns but by our personal experiences will save us from trouble. The bottom line is that paid advertisements do not guarantee the quality of advice or service. Reference-based relationships do.

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An example of the difference between U3 Explore and LinkedIn approach to professional networking. I use LinkedIn regularly myself following the posts of the people whose opinion I value and from whom I learn. Today on LinkedIn, I came across a simple explanation of why building a Value Network that is assembled and promoted not by paid campaigns but by our personal experiences will save us from trouble. The bottom line is that paid advertisements do not guarantee the quality of advice or service. Reference-based relationships do.
Adaptation or remission : what next for E&P?
May 8, 2020
Katya (Ekaterina) Casey

Technical expertise and business acumen have differentiated sustainable performance among E&P competitors. 2020 First Quarter earnings results evidence the pressures that face the future direction of the global E&P industry. Capital discipline strategies have reshaped the forward outlook of companies and for industry professionals uncertainty will be foremost in their thoughts. What will emerge from this period?

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Technical expertise and business acumen have differentiated sustainable performance among E&P competitors. 2020 First Quarter earnings results evidence the pressures that face the future direction of the global E&P industry. Capital discipline strategies have reshaped the forward outlook of companies and for industry professionals uncertainty will be foremost in their thoughts. What will emerge from this period?
Vaca Muerta Formation, Argentina
Apr 28, 2020
Ricardo Sebastian Martinez

The success of oil and gas production from shale plays in the U.S in the last decade has also drawn attention to the most prolific source rock of the Neuquen Basin in Argentina, which is called Vaca Muerta Formation. Today, with approximately 110 MBls/d of oil and 1 Bcf of gas production from 1400 wells, it represents 5% and 23% of the total production of oil and gas of Argentina respectively.

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The success of oil and gas production from shale plays in the U.S in the last decade has also drawn attention to the most prolific source rock of the Neuquen Basin in Argentina, which is called Vaca Muerta Formation. Today, with approximately 110 MBls/d of oil and 1 Bcf of gas production from 1400 wells, it represents 5% and 23% of the total production of oil and gas of Argentina respectively.
Survey Results Report:  "Oil and Gas: Let's Check our Corona Virus Related Temperature"
Apr 7, 2020
Katya (Ekaterina) Casey

This analysis uses the data collected over March 25th- April 5th. By the digital nature of our survey, the responses are biased towards technically enabled companies and individuals that were set up for occasional remote work. We analyze 1- the overall level of the system preparedness for such an extraordinary situation when the majority of the workforce is working from home, where the entire family is streaming homeworks, videos, and videoconferencing; 2- social aspects of the remote working; 3- feedback on the support provided for remote workers and ideas on post-crisis recovery

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This analysis uses the data collected over March 25th- April 5th. By the digital nature of our survey, the responses are biased towards technically enabled companies and individuals that were set up for occasional remote work. We analyze 1- the overall level of the system preparedness for such an extraordinary situation when the majority of the workforce is working from home, where the entire family is streaming homeworks, videos, and videoconferencing; 2- social aspects of the remote working; 3- feedback on the support provided for remote workers and ideas on post-crisis recovery
Ñirihuau Basin Report, Argentina
Jan 16, 2020
Ricardo Sebastian Martinez

Located in southwestern Argentina, it covers around 15000 Km2, with more than 10.000 ft. thickness in the depocenters. The basin has more than 100 years of exploration history started with the exploitation of 10 barrels a day from 4 wells in “Arroyo de La Mina” oil seepage. This report summarizes the new exploration ideas, based on geochemical data and outcrops description that allows the existence of a hypothetical new petroleum system. This idea generates high exploration potential in undrilled deep sections of big structures.

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Located in southwestern Argentina, it covers around 15000 Km2, with more than 10.000 ft. thickness in the depocenters. The basin has more than 100 years of exploration history started with the exploitation of 10 barrels a day from 4 wells in “Arroyo de La Mina” oil seepage. This report summarizes the new exploration ideas, based on geochemical data and outcrops description that allows the existence of a hypothetical new petroleum system. This idea generates high exploration potential in undrilled deep sections of big structures.
Colorado Basin Report, Offshore Argentina, Exploration Review
Jan 21, 2020
Ricardo Sebastian Martinez

This report contains an exploration review of Colorado Basin, located in southeastern Argentina, it has onshore and most extensive offshore sections with more than 125000 Km2 of total extension. The basin has more than 70 years of exploration history, with a few wells drilled, one of them recovered 39º API Oil from Early Cretaceous Syn-rift sandstone. Three main plays were identified, with high exploration potential: Rift Margin Play, Continental Slope Play, and Thrust belt play.

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This report contains an exploration review of Colorado Basin, located in southeastern Argentina, it has onshore and most extensive offshore sections with more than 125000 Km2 of total extension. The basin has more than 70 years of exploration history, with a few wells drilled, one of them recovered 39º API Oil from Early Cretaceous Syn-rift sandstone. Three main plays were identified, with high exploration potential: Rift Margin Play, Continental Slope Play, and Thrust belt play.
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