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Fuzzy data analysis methodology for the assessment of value of information in the oil and gas industry.

Vilela, Martin; Oluyemi, Gbenga; Petrovski, Andrei

Authors

Martin Vilela



Abstract

To manage uncertainty in reservoir development projects, the Value of Information is one of the main factors on which the decision is based to determine whether it is necessary to acquire additional data. However, subsurface data is not always precise and is characterized by a certain level of fuzziness. In this paper, a model is formulated to assess the Value of Information in the oil and gas industry in cases where the data proposed to be acquired is imprecise. The methodology is based on the use of fuzzy data modelling and analysis aimed at providing decision support for oil field developers. An oilfield from North Africa is used as a case study to show how the methodology works. This work shows how the analysis can be utilized to reach financial decisions on the necessity of additional data acquisition.

Citation

VILELA, M., OLUYEMI, G. and PETROVSKI, A. 2018. Fuzzy data analysis methodology for the assessment of value of information in the oil and gas industry. In Proceedings of the 2018 IEEE international conference on fuzzy systems (FUZZ-IEEE 2018), 8-13 July 2018, Rio de Janeiro, Brazil. Piscataway, NJ: IEEE [online], article ID 8491628. Available from: https://doi.org/10.1109/FUZZ-IEEE.2018.8491628

Conference Name 2018 IEEE international conference on fuzzy systems (FUZZ-IEEE 2018)
Conference Location Rio de Janeiro, Brazil
Start Date Jul 8, 2018
End Date Jul 13, 2018
Acceptance Date Mar 15, 2018
Online Publication Date Jul 8, 2018
Publication Date Oct 15, 2018
Deposit Date May 4, 2018
Publicly Available Date Jul 8, 2018
Print ISSN 1063-6706
Publisher Institute of Electrical and Electronics Engineers
Article Number 8491628
Series ISSN 1063-6706
DOI https://doi.org/10.1109/FUZZ-IEEE.2018.8491628
Keywords Fuzzy modelling; Value of information; Uncertainty and risks; Decision analysis and support; Oil and gas industry application
Public URL http://hdl.handle.net/10059/2902

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