The initial value of exploration licenses can subside when only those blocks perceived as being high-risk opportunities remain.
Seabed logging is being used by government agencies to establish the prospectivity of acreage before licensing rounds. Seabed-logging data is not only being used to attract investment, but also to secure better commitment and financial contracts with operators.
For example, the Norwegian Petroleum Directorate (NPD) is acquiring seabed-logging data with the objective of identifying areas of promising hydrocarbon prospects before they are licensed.
Government agencies are requiring license holders to conduct seabed-logging surveys as part of their work commitments. They have also reduced operators' drilling obligations by accepting seabed logging as alternative evidence of non-productive acreage.