Scandinavians have a certain reputation for being both forward-thinking and anytime up for a challenge. Thus it is little surprising that the first crowdsourcing-based company in a field as complex as oil & gas exploration has been founded by some bold Northerners.
Geonova’s WellBet shows that a crowd of experts can be surprisingly accurate in predicting discoveries. A Swedish start-up called Draupner Energy now takes it a step further.
The Stockholm based oil and gas project development company has launched its first crowdsourcing project, inviting interested individuals and groups to come forward with proposals for prospectivity that may form the basis of an application for a production license in the Mid North Sea High area in the 29th Seaward Licensing Round on the UK Continental Shelf.
The guys at Draupner Energy thought that it was time for doing things really differently. Successful examples of crowdsourcing and open innovation approaches show how powerful and productive a crowd of motivated and knowledgeable people can be.
To see some examples of crowdsourcing projects, visit the contests of HYVE, a global leader in open innovation.
Ann-Charlotte Högberg, Director and founding member of Draupner Energy, explains:
”The global demand for petroleum products is projected to increase over the coming decades, while the major discoveries have recently been few and far between and will not replace current reserves as they deplete. It is time for new business models that can unleash the creativity of the global oil and gas community with greater openness.”
Read more about the founding of Draupner Energy on geo365.no: Ideene skal myldre
Yet in order to really have a chance of leveraging the power of the community, a good process is crucial. This includes clear and fair rules as well as a thought-through business model. With lots of experience and knowledge in both the exploration business and open innovation, the team at Draupner made a promising attempt:
Draupner Energy has retrieved the relevant data the Oil and Gas Authority (OGA) has provided for this challenge. The data is available to interested participants when they sign up for the challenge. If the proposal of a participant succeeds and can be worked up to a full product respectively a production license is awarded, considerable prize money of up to USD 30,000 is in sight.
The licensing round for the current challenge on the Mid North Sea High was officially announced by the UK authorities at the end of July and the applications are due only towards the end of October. So you have plenty of time to come up with your revolutionary thoughts, winning 30 K and best of all – become part of an exciting exploration project.
Follow the Gebuzz link to visit Draupner Energy’s website in order to learn the details of this potentially revolutionary approach.