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7.2 Risk management and decision making

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Proceedings Papers

Paper presented at the Offshore Technology Conference, May 5–8, 2014
Paper Number: OTC-25290-MS
... Risk Management. Paper NACE C2012 0001123 presented at the NACE Corrosion 2012. Bickel, J.E. and Smith, J.E. 2006. Optimal Sequential Exploration: A Binary Learning Model. Decision Analysis 3 16 32. Bickel, J.E., Smith, J.E., and Meyer, J.L. 2008. Modeling Dependence Among Geologic Risks in Sequential...
Proceedings Papers

Paper presented at the SPE Annual Technical Conference and Exhibition, October 3–6, 1993
Paper Number: SPE-26392-MS
... that can optimize the firm's risk- return relationship. It is also shown that portfolio analysis provides an ideal technique for incorporating the results of geostatistical analysis and stochastic reservoir flow simulation into an economic framework that can be used for strategic decision making...
Proceedings Papers

Paper presented at the SPE Offshore Europe, September 7–10, 1993
Paper Number: SPE-26710-MS
...; professional project management planning, with "fit for purpose" quantitative risk assessment (QRA) and cost benefit analysis (CBA); and decision support for remedial action plans that are truly cost-effective and reduce risk demonstratably, as low as reasonably practicable (ALARP). An affirmative answer...
Proceedings Papers

Paper presented at the SPE Annual Technical Conference and Exhibition, September 29–October 2, 2002
Paper Number: SPE-77585-MS
... by traditional discounted cash flow (deterministic) analysis with new tools: Decision Analysis, Monte Carlo simulation, and Real Options. Each increase in approximating the uncertainty of the investment not only increases management s understanding of the risks imbedded in the opportunity, but also increases...
Proceedings Papers

Paper presented at the Canadian International Petroleum Conference, June 8–10, 2004
Paper Number: PETSOC-2004-295
... (probabilitys * scenario cash-flows,t(p) * corporate risk discount factor,t * time discount factort). The two estimates of the asset value have similar structures. The decision tree aspects of the valuation are handled in exactly the same way by a search, if more than one possible management policy is being...
Proceedings Papers

Paper presented at the Abu Dhabi International Petroleum Exhibition and Conference, November 5–8, 2006
Paper Number: SPE-101209-MS
... or transfer (to EPC Contractor) decision. e) The outcome of above phase are then integrated with Project Procurement Management process i.e. whether to procure (what are the market risks of not procuring), how to procure, what to procure, how much to procure to arrive at buy or transfer decision, type...
Proceedings Papers

Publisher: Society of Petroleum Engineers (SPE)
Paper presented at the SPE Annual Technical Conference and Exhibition, September 21–23, 2021
Paper Number: SPE-206173-MS
... ) Mean Absolute Error (MSA) : "The mean_absolute_error function computes mean absolute error, a risk metric corresponding to the expected value of the absolute error loss or -norm loss." ( Pedregosa, 2011 ) The concept of machine learning was applied here to expand the dataset and make the model...
Proceedings Papers

Paper presented at the ASSE Professional Development Conference and Exposition, June 8–11, 2014
Paper Number: ASSE-14-716
... Statistical Concepts Health and Safety Impacts Health & Safety Standards Health and Safety Legislation Risk Assessment Security Interpersonal Intuition Analyzing Technical Competencies Conflict Resolution Observation Supervision Project Management Personal attributes are included in several areas of the BEAC...
Proceedings Papers

Paper presented at the ASSE Professional Development Conference and Exposition, June 24–27, 2013
Paper Number: ASSE-13-756
... on the effects of safety training on risk tolerance (Lehman et al, 2009), and conclude that workplace safety training alone should not be considered adequate enough to expect appropriate risk decision-making to result among employees. They suggest that, more specialized (i.e., psychological or behavior-based...
Proceedings Papers

Paper presented at the SPE Offshore Europe Conference and Exhibition, September 3–6, 2019
Paper Number: SPE-195769-MS
... actively in health and safety matters and, in particular, major hazard risks. To address these aims and objectives, the MAH Understanding workgroup set about increasing the understanding of the contribution everyone in our industry has on preventing major accidents, whether they are making decisions...
Proceedings Papers

Paper presented at the SPE Russian Petroleum Technology Conference, October 16–18, 2017
Paper Number: SPE-187857-MS
... a profitable return. In case of Novoportovskoe oil-gas-condensate field, without an integrated Reservoir-Well-Infrastructure model the operator was failing to make consistent production and development decisions. Analysis of the reservoir and wellhead interference has identified the risks of not achieving...
Proceedings Papers

Paper presented at the IADC/SPE Drilling Conference and Exhibition, February 2–4, 2010
Paper Number: SPE-128716-MS
... uncertainties in this type of well. The well program is executed to deliver the approved design. While some operations are straight forward others require feedback loops and decision making to manage the uncertainties and risks that remain unresolved. High performing teams recognize this and are ready...
Proceedings Papers

Paper presented at the Latin American and Caribbean Petroleum Engineering Conference, May 31–June 30, 2009
Paper Number: SPE-121309-MS
... of Discounted Cash Flow (DCF). asset and portfolio management Volatility valuation investment project Artificial Intelligence portfolio variation evaluation execution risk management investment year 2006 additional well real option graph society of petroleum engineers real option...
Proceedings Papers

Paper presented at the ASSE Professional Development Conference and Exposition, June 19–22, 2017
Paper Number: ASSE-17-746
... while impaired, driving distracted, driving while fatigued and driving aggressively. Training, in general, has shown to have less impact on behavioral choices than point-in-time systemic factors. People make decisions on the basis of perceived need weighed against perceived risk. This indicates...
Proceedings Papers

Paper presented at the SPE International Conference on Health, Safety and Environment in Oil and Gas Exploration and Production, June 26–28, 2000
Paper Number: SPE-61149-MS
...?). In ExxonMobil, security best practices were developed in parallel with OIMS programs. Unlike OIMS, many security decisions were derived from a "checklist" approach rather than the OIMS risk-based approach. These separate decision tracks resulted in gaps. Change Management In 1995, the Exxon Mobil Security...
Proceedings Papers

Paper presented at the SPE International Conference on Health, Safety, and Environment, March 17–19, 2014
Paper Number: SPE-168550-MS
... additional focus, the focus is on how to apply ecosystem services concepts and decision-making aids. At this stage, companies ask: How can we make better capital decisions, enable more efficient operations, manage risk, and address customer needs by applying ecosystem services analytical approaches...
Proceedings Papers

Paper presented at the ASSE Professional Development Conference and Exposition, June 7–10, 2015
Paper Number: ASSE-15-516
... an organization where identifying and managing OH&S risk is valued. They are the decision makers, set direction and allocate resources for new business models and initiatives, management systems, products, services, mergers and acquisitions. In ISO 45001, workers are defined to include persons who work at all...
Proceedings Papers

Paper presented at the SPE Hydrocarbon Economics and Evaluation Symposium, April 5–8, 2003
Paper Number: SPE-82031-MS
... a multitude of investment opportunities, the businessperson is usually concerned with discrete investment choices specific projects often one at a time. Portfolio management presumes risk aversion as part of decision policy. If an investor or company is risk-neutral, or SPE 82031 Portfolio Management: What...
Proceedings Papers

Paper presented at the CORROSION 2020, June 14–18, 2020
Paper Number: NACE-2020-14764
... for stripping and oxygen scavenger consumption. The savings and benefits should be accounted for in the decision- making process. A Scope of Work has been initiated for a third-party engineering consultancy to perform this evaluation. Strategic Focus Area II: Risk Management of MIC (downstream of the deaerators...
Proceedings Papers

Paper presented at the International Petroleum Technology Conference, January 19–22, 2014
Paper Number: IPTC-17320-MS
... of application software that will assist in decision making which also can be based on a GIS based platform tool for integrity-related decision making. Such application can perform comprehensive Risk & Data Management capabilities. This review paper shall demonstrate how AIMS at Dolphin Energy Limited has...

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