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• W2187050431 abstract "We present a consistent and functional methodology for conducting value-of-information (VoI) analysis on proposed well tests in the presence of multiple critical uncertainties associated with the reservoir and the measurement/interpretation. Such uncertainties can impact asset economics acutely when they influence recoverable hydrocarbons. A key feature of this analysis is that the value of the measurement is determined before the measurement is made. Our demonstration uses an example of a marginal offshore asset where severe compartmentalization is possible. In this example, the VoI is a critical deciding factor because it is not obvious a priori that this value will justify the cost of the test in this marginal asset. Our analysis uses a novel approach to standard decision trees by introducing new decision tree nodes in the form of “uncertainty” and “transformation uncertainty” nodes that can accommodate single or numerous continuous and discrete uncertainties. Without such novel tree components, a standard decision tree would become far too cumbersome for practical purposes and may even result in sub-optimal (uneconomic) development decisions from being made because of the discretized nature of the existing decision tree constructs. We also consider, in addition to the reservoir uncertainties, the uncertainty in the well test measurement and/or the interpretation itself. We present expected asset net present value as a function of measurement uncertainty. Since well-test uncertainty can be related to the well-test duration, we show how the optimum well-test duration can be determined by identifying the time at which the difference between VoI and test cost is maximized. The cost of running the test longer than this optimal duration will only serve to reduce the net present value of the asset." @default.
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• W2187050431 date "2009-01-01" @default.
• W2187050431 modified "2023-09-27" @default.
• W2187050431 title "Quanitifying the Value of a Future Well Test with Reservior and Measurement" @default.
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