An Algorithm of Management Decision-Making Regarding the Feasibility of Investing in Geological Studies of Forecasted Hydrocarbon Resources

Alexey Cherepovitsyn, Dmitry Metkin and Alexander Gladilin
Additional contact information
Alexey Cherepovitsyn: Organization and Management Department, Saint-Petersburg Mining University, Saint-Petersburg 199106, Russia
Dmitry Metkin: Scientific and Production Department, All-Russian Petroleum Research Exploration Institute, Saint-Petersburg 192102, Russia
Alexander Gladilin: “EDS-Plus” Ltd., Moscow 115114, Russia

Resources, 2018, vol. 7, issue 3, 1-17

Abstract: Currently, under the conditions of increasing depletion of hydrocarbon reserves in Russia, it is necessary to consider the resource potential of poorly-researched oil and gas objects as a factor for ensuring the sustainable development of the oil and gas complex, in the context of the concept formation of rational subsoil utilization and a circular economy. The methodology of this study is based on a clear sequence of geological and economic studies of poorly-researched oil and gas objects, including four stages, such as analysis of the raw material base, assessment of the raw material potential, determination of technological development parameters, and economic evaluation. The methods of the probabilistic estimation of oil resources of the forecasted objects with regard to geological risk are outlined. Software packages “EVA—Risk Analysis” and “EVA—Economic Evaluation of Oil and Gas Field Development Projects” were used for estimation. The result of the study is the determination of the geological and economic efficiency of the development of nine hydrocarbon objects with the determination of the order of their further geological exploration, and introduction into industrial development on the example of the poorly-researched region of the Timan-Pechora oil and gas province located in the Arctic zone.

Keywords: hydrocarbon raw materials; poorly-researched resources; management decisions; innovative program complexes; geological and investment risks; economic evaluation; probabilistic estimation (search for similar items in EconPapers)
JEL-codes: Q1 Q2 Q3 Q4 Q5 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
https://www.mdpi.com/2079-9276/7/3/47/pdf (application/pdf)
https://www.mdpi.com/2079-9276/7/3/47/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jresou:v:7:y:2018:i:3:p:47-:d:162529

Access Statistics for this article

Resources is currently edited by Ms. Donchian Ma

More articles in Resources from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().