#Petrochemical and #mineralexploration takes a long time, is costly, produces limited resolution information, and has a low success rate. Can the current exploration equation be changed? Yes it can.
The exploration phase in mining, oil and gas is the initial stage in the resources business lifecycle, during which companies attempt to identify and locate mineral deposits or petrochemical reservoirs.
The exploration phase typically takes years to decades. The risk of unexpected geological or environmental factors that can delay the project or increase costs is real.
The costs of exploration can vary widely depending on the size and complexity of the project, as well as the location (e.g offshore wells are eye waveringly expensive) and geology of the deposit. Costs range between $50M and $250M.
The success rate of the exploration phase can also be quite low. Only between 1 in 10 and 1 in 20 exploration projects will ultimately lead to the discovery of a new mine or reservoir.
However, for companies that are able to successfully identify and locate resources, the rewards can be significant in terms of potential revenue and long-term growth and the benefits to society are real.
What makes for excitement in a world where mining companies need to bring more #EVminerals mines into production fast is that we have technologies in play that flip the exploration scenario. They slash the time, cost, and risk by as much as 80%, produce more detailed resource data and are environmentally friendly.
