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Decision analysis: additional tools

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Proceedings Papers

Paper presented at the Abu Dhabi International Petroleum Exhibition & Conference, November 13–16, 2017
Paper Number: SPE-188665-MS
... decision analysis. Some cases require a use of just one tool; in others, analysts need to use a combination. Many of these tools are wide-known and most utilized, some of them, like case-based decision analysis,are considered as underutilized, partly because executives typically underestimate...
Proceedings Papers

Paper presented at the Abu Dhabi International Petroleum Exhibition & Conference, November 15–18, 2021
Paper Number: SPE-207711-MS
... driven analysis building reservoir understanding and capturing the appropriate range of integrated uncertainties. An additional emphasis was to have an aligned view on the project objectives, key project decisions; and view of previous work done with available data. An understanding of data gaps as well...
Proceedings Papers

Paper presented at the SPE Annual Technical Conference and Exhibition, September 26–29, 2004
Paper Number: SPE-90710-MS
..., the perception of nature is conditioned for the probability of conclusive interpretation of the new information; and the method used is the decision tree analysis ( 6 , 7 ) . This method clearly establishes that acquiring additional information is an alternative choice among the problem options, and results...
Proceedings Papers

Paper presented at the SPE International Conference on Health, Safety, and Environment in Oil and Gas Exploration and Production, June 7–10, 1998
Paper Number: SPE-46849-MS
... and provide additional information to the decision maker. The output from the tool is an NPV, ROR or benefit to cost ratio that can be used in the next step of this process - Prioritization. Decision Analysis is the most effective tool for use in making large scale, strategic decisions. Prioritization...
Proceedings Papers

Paper presented at the SPE Hydrocarbon Economics and Evaluation Symposium, September 24–25, 2012
Paper Number: SPE-162883-MS
... software tools, few of which can communicate with each other. Depending upon the project and the company, commercial analysts may use single cases, scenarios, decision trees, best estimates or risk weighted analysis combined into a composite case. Few, if any, have moved their project analysis to a fully...
Proceedings Papers

Paper presented at the SPE Eastern Regional Meeting, September 6–10, 2003
Paper Number: SPE-84821-MS
... be easily interpreted by the user without extensive knowledge of risk analysis, for example tornado diagrams, frequency charts, etc. Other tools require additional interpretation mechanisms, for example, decision trees can be defined and interpreted more simply by using an influence diagram. It is important...
Proceedings Papers

Paper presented at the Canadian International Petroleum Conference, June 8–10, 2004
Paper Number: PETSOC-2004-231
...; and the method used is the decision tree analysis (5,6). This method clearly establishes that acquiring additional information is an alternative choice among the problem options, and results in a delay on the important decision until a better definition of the state of nature is completed. An example...
Proceedings Papers

Paper presented at the Intelligent Energy Conference and Exhibition, April 11–13, 2006
Paper Number: SPE-99484-MS
... on key development decisions. Schlumberger, working closely with Shell, have developed an Uncertainty Management Tool (UMT) for the purpose of capturing uncertainties, their ranges, additional qualitative and contextual information, and associated risks and action plans. Uncertainty assessments...
Proceedings Papers

Paper presented at the International Petroleum Technology Conference, December 3–5, 2008
Paper Number: IPTC-12526-MS
... was established. The two latter stages were updates on decisions on equipment, design and procedures introduced through the project. Some more details on the analysis tool are included in Section 2. Section 3 expands on the analysis process and the analysis results. Conclusions are summarised in section 4...
Proceedings Papers

Paper presented at the SPE Annual Technical Conference and Exhibition, November 11–14, 2007
Paper Number: SPE-110236-MS
... commercial technical and business analysis tools Upstream Oil & Gas technical interest group Business analysis application real time system information optimization Implementation commercial tool operation process operation analysis tool recommendation decision major barrier real time...
Proceedings Papers

Paper presented at the SPE Annual Technical Conference and Exhibition, September 30–October 2, 2019
Paper Number: SPE-196094-MS
... and expanding use of data analytics and smart data analysis tools, decision makers in the oil and gas industry are increasingly faced with a dilemma. While these tools are highly efficient at processing large volumes of data to provide visually appealing results, to what extent can they be used and relied upon...
Proceedings Papers

Paper presented at the SPE Hydrocarbon Economics and Evaluation Symposium, September 24–25, 2012
Paper Number: SPE-162675-MS
... of investments under uncertainty have proliferated, from established traditional models such as Discounted Cashflow Analysis (DCA), to more contemporary ones such as Real Options Valuation (ROV). A comprehensive literature review of the Decision Analysis tools used in upstream asset valuations was performed...
Proceedings Papers

Paper presented at the Offshore Technology Conference Asia, March 22–25, 2022
Paper Number: OTC-31655-MS
... in the results indicates the limiting acceptable Reserved Strength Ratio (RSR) for that platform. The TLWC decision-making tool is ideal for practicing offshore structural integrity engineers in operations to make a quick decision with regards to addition of topside loading for platforms with marginal reserved...
Proceedings Papers

Paper presented at the SPE Annual Technical Conference and Exhibition, November 11–14, 2007
Paper Number: SPE-109638-MS
... advanced material related to budgeting, scheduling and corporate planning. Monte Carlo simulation, economic decision tools, risk analysis for oil industry projects, investment risk and simulation, economic analysis of operations, production forecasts and its associated costs and expected profits are also...
Proceedings Papers

Paper presented at the SPE Nigeria Annual International Conference and Exhibition, August 4–6, 2015
Paper Number: SPE-178409-MS
... based on the objectives of acquiring the data. real time system drilling measurement log analysis logging while drilling Reservoir Characterization well logging FPWD tool development well formation pressure completion decision Upstream Oil & Gas information workflow FPWD society...
Proceedings Papers

Paper presented at the SPE Annual Technical Conference and Exhibition, September 21–23, 2021
Paper Number: SPE-206044-MS
... technologies of live communication, digital tools for the formation of best practices and KPIs that meet modern challenges. The retrospective analysis has made it possible to learn main drivers of value creation and addition to exploration projects: Centralized management of geological exploration...
Proceedings Papers

Paper presented at the Abu Dhabi International Petroleum Exhibition and Conference, November 9–12, 2015
Paper Number: SPE-177564-MS
... Abstract A system developed by Abu Dhabi Gas Liquefaction Company Limited (ADGAS) to create opportunities from Production loss. This reporting and analysis tool provides key information about how ADGAS is performing in terms of LNG production & areas of improvement. Production Opportunity...
Proceedings Papers

Paper presented at the Abu Dhabi International Petroleum Exhibition & Conference, November 9–12, 2020
Paper Number: SPE-203185-MS
... is carried out using the risk evaluation tool to determine if the activity is of high or low risk. And in the last phase, the final decision is arrived at by combining the outputs from the strategic evaluation, economic analysis and commercial risk analysis, and formulating the best decision for the ADNOC...
Proceedings Papers

Paper presented at the SPE Annual Technical Conference and Exhibition, September 24–26, 2018
Paper Number: SPE-191408-MS
... drilling system has already used in the decision making process. A more advanced analysis is that of Tool Face efficiency, which is defined as the build of the motor yield in the desired Tool Face direction ( Fig. 7 ). This requires monitoring the tool face held versus depth of penetration...
Proceedings Papers

Paper presented at the 55th U.S. Rock Mechanics/Geomechanics Symposium, June 18–25, 2021
Paper Number: ARMA-2021-1746
.... In addition, the results are consistent with outcome of the SHapley Additive exPlanations (SHAP) framework. 1. Introduction Geochemical exploration using modern tools is essential for a wide range of applications such as mineral exploration, regional geological mapping, agriculture and forestry, baseline...

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