Information is costly, but how valuable is it?

Proceedings - SPE Annual Technical Conference and Exhibition

Volumn , Issue , 2004, Pages 3665-3674

  Wills, Hector A ^a   Graves, Ramona M ^b  

^a M I Drilling Fluids de Venezuela   (Venezuela)

^b Department of Metallurgical and Materials Engineering   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

COMPUTER SIMULATION; DATA ACQUISITION; DECISION MAKING; MONTE CARLO METHODS; PROBABILISTIC LOGICS; RISK ASSESSMENT;

BAYESIAN THEORY; CONDITIONAL PROBABILITY; ESTIMATED ULTIMATE RECOVERY (EUR) ALGORITHMS; EXPECTED MONETARY VALUE (EMV);

RESOURCE ALLOCATION;

EID: 22044437534     PISSN: None     EISSN: None     Source Type: Conference Proceeding    
DOI: 10.2118/90710-ms     Document Type: Conference Paper

References (11)

1. Wills, H.A.: "Use of Value of Information for Planning Data acquisition to Support The Decision Making Process Regarding Petroleum Reserves", MS Thesis, Colorado School of Mines, August 2003
2. Ross, J.G.: "SPE/WPC/AAPG Resource Definition as a Basis for Portfolio Management", paper SPE 68573 presented at the SPE Hydrocarbon Economics and Evaluation Symposium, Dallas, Apr 2-3_2001.
3. Arps, J.J.: Estimation of Primary Oil Reserves, Transactions AIME, Vol. 207, pp 182-191, 1956.
4. Wills, H.A., and Graves,R.M.: "Information Has Cost, Does It have Value?.", paper 2004-231 presented at the Canadian International Petroleum Conference, Calgary, June 2004.
5. Coopersmith, E.M., and Cunningham, P.C.: "A Practical Approach to Evaluating the Value of Information and real options in the Upstream Petroleum Industry", paper SPE 77582 presented at the SPE ATCE, San Antonio, Sept 29- Oct 2_2002.
6. Newendorp, P.D.: Decision Analysis for Petroleum Exploration, First Edition, Planning Press, Aurora CO, pp 501 - 537.
7. Mian, M.A.: Project Economics and Decision Analysis. Volume II: Probabilistic Models, First Edition, PennWell Corporation, Tulsa OK, pp 186-209.
8. Keefer, D.L., and Bodily, S.E.: "Three Point Approximations for Continuous Random Variables", Management Science, Vol.29, No. 5, pp 595-609, 1983.
9. Heiberg, S., and Swinkels, W.J., Probabilistic Estimation Procedures, Guidelines for the Evaluation of Petroleum Reserves and Resources, SPE (ed.), Chap. 5, pp 44-52, 2001.
10. Hawkings, J.T., Coopersmith, E.M., and Cunningham, P.C.: "Improving Stochastic Evaluations Using Objective Data Analysis and Expert Interviewing Techniques", paper SPE 77421 presented at the SPE ATCE, San Antonio, Sept 29- Oct 2_2002.
11. Warren, J.E.: "The Development Decision: Value of Information", paper SPE 11312 presented at the Hydrocarbon Economics and Evaluation Symposium of the Society of Petroleum Engineers of AIME, Dallas, March 3-4_983.