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That involves adopting a new exploration model and appropriate technologies.
In the new exploration model proposed, conventional geophysical acquisition tools are not replaced, but utilized in different ways, in conjunction with new geophysical acquisition tools that are compatible with that new exploration model.
A description of a possible new exploration model is presented, involving the use of exploration technologies already available, as a means of breaking the paradigm of the current exploration model.
The authors proposed methods to determine a minimum sample size followed by an exploration model parameters using sensitivity analysis.
Breaking the current exploration model of the O&G industry implies adopting a new concept in petroleum exploration.
Onshore, the exploration model usually entails field observations, the use of potential and seismic methods and, finally, drilling exploratory wells.
The exploration model utilized also allowed the SFD survey to detect geological structural elements that could act as fluid traps.
This approach represented an important break from the paradigm of the conventional exploration model of the O&G industry.
We generalize the Pindyck ([1978]) monopolistic non-renewable resource extraction and exploration model by incorporating two types of technological change.
Various successful experiences in employing the new exploration model proposed suggest that this approach is indeed viable.
Just as the proposed exploration model would suggest, detailed geophysical investigations, including seismic, were subsequently conducted and are still planned.
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