Value of seismic information with multiple drilling targets

Society of Petroleum Engineers, 68th European Association of Geoscientists and Engineers Conference and Exhibition, incorporating SPE EUROPEC 2006, EAGE 2006: Opportunities in Mature Areas

Volumn 1, Issue , 2006, Pages 325-329

  Bickel, J E ^a   Gibson, R L ^a   McVay, D A ^a   Pickering, S ^b   Waggoner, J ^b  

^a TEXAS A AND M UNIVERSITY   (United States)

^b WESTERNGECO   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

GAS INDUSTRY; HYDROCARBONS; OIL FIELDS; OIL WELL DRILLING;

DRILLING TARGETS; SEISMIC INFORMATION;

SEISMIC PROSPECTING;

EID: 33947239686     PISSN: None     EISSN: None     Source Type: Conference Proceeding    
DOI: None     Document Type: Conference Paper

References (5)

1. Ballin, P., Ward, G., Whorlow, C. and Kahn, T. [2005] Value of Information for a 4-D Seismic Acquisition Project. SPE Latin American and Caribbean Petroleum Engineering Conference, SPE 94918.
2. Waggoner implicitly assumed an infinite number of drilling targets. As a practical matter, the value that is obtained by assuming an "infinite" number of targets is obtained for approximately four or more targets.
3. p(S|"S") = 0.75(0.75)/(0.75(0.75) + 0.25(0.25)) = 0.90. p(S|"U") = 0.75(0.25)/(0.75(0.25) + 0.25(0.75)) = 0.50.
4. Stibolt, B. and Lehman, J. [1993] The Value of a Seismic Option. SPE Hydrocarbon Economics and Evaluation Symposium, SPE 25821.
5. Waggoner, J. [2002] Quantifying the Economic Value of 4D Seismic Projects. SPE Reservoir Evaluation and Engineering, April, 111-115.