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Writer's pictureGeoffrey Wade

What are the big resource exploration challenge in 2023?

Updated: Jul 31

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: 

  • 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: 

  • 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.


Time constraints & Technology challenges of exploration 2023

Upcoming posts will delve into each challenge, offering innovative solutions driven by our groundbreaking technologies.


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