... technology simultaneously. That does not mean that best in class bid strategy is not attainable – it comes about with a focus on execution. We will touch on many of the lessons we learned in working side by side with an aggressive lease sale bidder, and their journey from unsatisfactory auction performance...

... example is an auction of single risky project, which could be an exploration block containing one prospect. Bid optimization involves finding a function that expresses bid fraction as a function of estimates for 1) project expected monetary value and 2) number of other bidders. A foundation principle...

... ABSTRACT Competitive bidders for oil and gas production assets seek to divide shares of "pies" of unknown value that each asset represents. Unlike with real pies, however, bidders' strategies can easily imply an expected negative share and the seller can reap more than 100% of the unknown asset...

.... projection gulf deficit internal rate mistrust bidder us government higher bonus pre-tax internal rate washington upstream oil & gas project economics base case lease revenue mead american petroleum institute oc lease leasing society of petroleum engineers project valuation united...

... Abstract Six factors affecting profit on federal offshore oil and gas leases were calculated for individual bidders and leases, categorized by whether larger or smaller companies were involved. The six factors treated were (1) the bonuses paid per acre, (2) the frequency of getting any...

..., such as by Mead, et al, indicated that the high degree of competition among bidders had resulted in profit rates below those earned in manufacturing generally. After more than three years of deliberations, Congress approved an extensive list of amendments to the OCS Lands Act which were signed into law...

... enhancing their chances of winning some tracts, or should they distribute the budget over more tracts by bidding less on each tract while reducing the chances of winning any single tract? machine learning density function Artificial Intelligence Upstream Oil & Gas bidder compute Bidding...

... left on the table and a posteriori comparisons with actual bids. Extensive comparisons of federal offshore oil and gas lease bids show agreement with the theoretical function except that some extreme bids appear to depart from lognormality. Introduction We do not know the competitive bidder who...