Oil and Gas Exploration Planning using VOI Technique

D. N. Peskova, A. V. Sizykh, V. S. Rukavishnikov

Research output: Contribution to journalConference articlepeer-review

Abstract

Paper deals with actual problem about making decisions during field development. The main aim was to apply method "Value of information" in order to estimate the necessity of field exploration works and show the effectiveness of this method. The object of analysis - field X, which is located in the Eastern Siberia. The reservoir is B13 formation of Vend age. The Field has complex structure, and divided into blocks by faults. During evaluation of the project, main uncertainties and oil in place were obtained for three blocks of the field. According to uncertainty analysis, it was suggested to drill a new exploration well, and value of information method was applied to estimate results from this exploration works. Economic evaluation of the value of information method was made by choosing optimal development strategy. According to the obtained results, drilling of the exploration wells for blocks 1 and 3 of the field X is a good decision, while drilling a well in the second block is risky and not recommended. Also using the value of information, optimal well locations were advised - well l-le for the first block, and well 3-3 for the third block.

Original languageEnglish
Article number012032
JournalIOP Conference Series: Earth and Environmental Science
Volume33
Issue number1
DOIs
Publication statusPublished - 15 Apr 2016
EventInternational Conference on Modern Problems of Hydrogeology, Geology Engineering and Hydrogeoecology of Eurasia, SPGE 2015 - Tomsk, Russian Federation
Duration: 23 Nov 201527 Nov 2015

ASJC Scopus subject areas

  • Environmental Science(all)
  • Earth and Planetary Sciences(all)

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