In the E&P business, by far the largest component of geophysical spending is driven by the need to characterize (potential) reservoirs. The simple reason is that better reservoir characterization means higher success rates and fewer wells for reservoir exploitation … and that increased investments in subsurface work are paying off in an overall reduction in E&P cost. Future geophysical spending will depend primarily on our continued contribution to overall E&P cost control by further improvements in reservoir characterization.

What are we after in reservoir characterization? Ultimately, it must be a model consistent with all available subsurface information. Some key reservoir...

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