Resource Exploration Stage

When value is attached to a resource, the search begins to find deposits of this resource and then plan for its extraction. This first stage is called the exploration stage, which is predominantly a scientific and technical process of identifying deposits of the resource.

To take oil as an example, once people recognised that oil was a useful fuel source they also identified where it could be found. Initially this was where oil was actually seeping from the ground, as was the case in some parts of the USA and also in Azerbaijan. From that point, those exploring for oil sought to find it underneath the ground. The search also became more scientific, as people identified characteristics of oil deposits and specifically looked for these conditions. Then further testing takes place to determine the nature of the oil and to quantify it. 

Nowadays the global search for oil is aided by highly advance geological surveys which identify characteristic rock structures where oil might be located. Once the rock structures are located, an exploratory well is drilled to see if oil is present. (A recent series of exploratory wells drilled in Pakistan returned a 40% success rate in locating oil.) Further surveying and drilling will be conducted to plan for its extraction.