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Value of Information in the Oil and Gas Industry: Past, Present, and Future
| Content Provider | Semantic Scholar |
|---|---|
| Author | Bratvold, Reidar Bickel, J. Eric Lohne, Hans Petter |
| Copyright Year | 2009 |
| Abstract | This paper (SPE 110378) was accepted for presentation at the SPE Annual Technical Conference and Exhibition, Anaheim, California, USA, 11–14 November 2007, and revised for publication. Original manuscript received for review 10 August 2007. Revised manuscript received for review 10 March 2009. Paper peer approved 30 March 2009. Summary An important task that petroleum engineers and geoscientists undertake is to produce decision-relevant information. Some of the most important decisions we make concern what type and what quality of information to produce. When decisions are fraught with geologic and market uncertainties, this information gathering may such forms as seismic surveys, core and well test analyses, reservoir simulations, market analyses, and price forecasts—which the industry spends billions of US dollars each year. Yet, considerably less time and resources are expended on assessing the profitability or value of this information. Why is that? This paper addresses how to make value-of-information (VOI) analysis more accessible and useful by discussing its past, present, and future. On the basis of a survey of SPE publications, we provide an overview of the use of VOI in the oil and gas industry, focusing on how the analysis was carried out and for which types of decisions VOI analysis has been performed. We highlight areas in which VOI methods have been used successfully and identify important challenges. We then identify and discuss the possible causes for the limited use of VOI methods and suggest ways to increase the use of this powerful analysis tool. |
| Starting Page | 630 |
| Ending Page | 638 |
| Page Count | 9 |
| File Format | PDF HTM / HTML |
| DOI | 10.2118/110378-PA |
| Volume Number | 12 |
| Alternate Webpage(s) | http://blogttn.info/dspace/rh/fynyf.pdf |
| Alternate Webpage(s) | https://doi.org/10.2118/110378-PA |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
