Hess’ ‘Opportunity Register’

Exploration and development opportunities evaluated using technology from Tibco/Spotfire and 3GiG.

Speaking at the Tibco Spotfire Energy Forum in Houston this month (more in next month’s issue), Scott Biagiotti described Hess’ ‘Opportunity Register,’ an in-house developed application that manages Hess’ exploration and development opportunities. Opportunity Register allows Hess to evaluate worldwide investment opportunities in as impartial a manner as possible—even in the face of disparate, unstructured information from diverse sources. The Opportunity Register was built with 3GiG’s Prospect Director toolkit.

Information is entered directly into the system by Hess’ knowledge workers, capturing opportunities at a fairly detailed level. Opportunities can be evaluated with a multiple scorecard system according to NPV, reserves added, risks and impediments and costs saved.

The philosophy behind the register is that the most valuable system in evaluating an opportunity is as likely to reside in the head of a subject matter expert as in a corporate database. Hence the system addresses the capture of ‘soft’ information and subjective ranking criteria. The idea is to avoid evaluating a prospect or opportunity on the basis of a ‘good’ presentation. The Register turns qualitative evaluations into quantitative analyses that are amenable for further study using Spotfire—in particular the Spotfire Web Player which allows for collaborative analytics from a web browser. More from www.oilit.com/links/1103_27 (Spotfire) and www.oilit.com/links/1103_28 (3GiG).

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