Early Phase Field Screening and Farm-in Studies are important activities in the oil and gas industry that help assess the potential of oil and gas fields before making significant investments:

1. Early Phase Field Screening:

Early phase field screening involves a preliminary evaluation of prospective oil and gas fields to identify their commercial viability. It typically includes a high-level assessment of geological, geophysical, and reservoir data to estimate the potential reserves, production rates, and economic viability of the field. This screening helps companies prioritize their exploration efforts and focus on the most promising opportunities.

2. Farm-in Studies:

Farm-in studies refer to the evaluation of an existing oil and gas field by a company that is considering acquiring an interest in it. In a farm-in arrangement, a company acquires a portion of the working interest in a field from the current operator in exchange for sharing the costs of exploration, development, and production. Farm-in studies involve a comprehensive assessment of the field technical, commercial, and financial aspects, including reservoir characterization, production history, infrastructure availability, contractual obligations, and potential risks and rewards. These studies help the acquiring company make an informed decision about participating in the field.