Decision analysis for petroleum exploration
An introduction to the application of statistical decision analysis concepts to the analysis of risk and uncertainty in petroleum exploration investment decisions is provided in this book. Topics covered represent a composite of current attitudes and practices throughout the world for analyzing drilling prospects, as well as several new ideas and concepts not previously published. The first chapter summarizes decision analysis and why it can be used in drilling prospects. Chapters 2-5 cover various types of decision criteria for assessing and comparing the value of drilling prospects. Chapters 6-8 are directed to the difficult and complex subject of risk analysis--qualifying the degree of risk and uncertainty associated with the various exploration areas and prospects. The problems of implementing decision analysis into the corporate decision making process are discussed in Chapter 9. Chapters 10 and 11 discuss special types of analyses and certain open issues related to the application of decision analysis in the oil business. Following Chapter 11 there are several short sections including a list of references for further reading, a glossary, and a conversion table. Nine separate appendix sections including various tables and special calculations useful in applying decision analysis to petroleum exploration complete the book. (BLM)
- OSTI ID:
- 7318461
- Country of Publication:
- United States
- Language:
- English
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