Using Value of Information for Planning Exploration
A.V. Sizykh, A.M. Vashevnik, A.S. Goncharov, B.V. Belozerov, S.A. Nekhaev, O.T. Osmonalieva and M.N. Pislegin
Event name: 78th EAGE Conference and Exhibition 2016
Session: Quantifying and Managing Uncertainty in Reservoir Modelling
Publication date: 31 May 2016
Info: Extended abstract, PDF ( 1.7Mb )
Price: € 20
East Siberia Chonskiy oil fields group belongs to Nepskiy arch and has many geological uncertainties and risks. The goal of an exploration program is to reduce these uncertainties to maximize the value of the project. To find an optimal exploration program we need to decide which uncertainty should be reduced first and when to stop exploration. We introduce a methodology to calculate an expected monetary value for an exploration program. These calculations allow us to decide whether the program is sufficient and efficient as well as to optimize it. Calculation results for Chonskiy oil fields group are presented.