What are some of the big resource exploration challenges in 2023 - where reserves are getting deeper and the demand for EV minerals is outstripping supply?
Mineral Exploration Challenges
Technology Challenge:Â
Limited exploration tools highlighting the need for advanced tech for precise mineral location.
Business Model Challenge
Cost Overruns
Cost overruns, for example, taking the total expenditure on exploration and the number of exploration projects running is Australia suggests an average cost of AUS$200M - and we know that the spread is wide. But mining needs strategies to manage costs and optimise exploration budgets.
Oil & Gas Exploration Challenges
Technology Challenge:Â
Complex reservoir identification and reliably locating off-shore reserves. We need gas for the transition to low CO2 and gas explorers need tech advancements for accurate reservoir location and assessment.
Business Model Challenge
Time Constraints
The lead time is too long (6 - 10 years of exploration before feasibility.) Energy companies need new technology and strategies to streamline exploration timelines effectively.
Upcoming posts will delve into each challenge, offering innovative solutions driven by our groundbreaking technologies.