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LGS Luncheon – October 2019

Abstract: “Exploration Success Equation, Forecasting Abilities of Explorers and the Role of Luck in Petroleum Exploration”

Dr. Alexei V. Milkov

An exploration company is successful when it predictably and consistently creates high value from petroleum exploration. When defined like that, exploration success depends on the right combination of property (acreage), processes, people and luck. In this talk, I will address less-understood elements of the exploration success equation such as forecasting abilities explorers, related biases, and the role of randomness, serendipity and luck in the outcomes of exploration projects.


Bio: DrMilkov

Dr. Alexei V. Milkov is Full Professor and Director of Potential Gas Agency at Colorado School of Mines and a consultant to oil and gas industry. After receiving PhD from Texas A&M University, Dr. Milkov worked for BP, Sasol and Murphy Oil as geoscientist and senior manager. He explored for conventional and unconventional oil and gas in >30 basins on six continents and participated in the discovery of >4 Billion BOE of petroleum resources. He also worked on several appraisal and production projects. Dr. Milkov has deep expertise in exploration strategies, risk analysis, resource assessments, portfolio management and assurance, oil and gas geochemistry and petroleum systems modeling. He published >50 peer-reviewed articles. Dr. Milkov received several industry awards including J.C. “Cam” Sproule Memorial Award from the American Association of Petroleum Geologists (AAPG) for the best contribution to petroleum geology and Pieter Schenck Award from the European Association of Organic Geochemists (EAOG) for a major contribution to organic geochemistry.




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