Management of Oil Field Development

Dipak Basu and Victoria Miroshnik
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Dipak Basu: Nagasaki University

Chapter 3 in Dynamic Systems Modeling and Optimal Control, 2015, pp 54-65 from Palgrave Macmillan

Abstract: Abstract In view of the recent international developments in the Middle East there is a revival of interest in the effect of oil prices on the supply, extraction and discovery process of the oil fields (Guseo, Dalla Valle, & Guidolin, 2007; Owen, Inderwildi, & King, 2010; Rehrl & Friedrich, 2006). Although recent literatures have incorporated both economic and engineering approaches, we have not seen any major analysis regarding future discoveries of oil fields and their estimation methods. The purpose of this chapter is to incorporate economic, geological and engineering information in the analysis of forecasting future discoveries of oil fields, for the specific case of the continental shelf of the UK’s North Sea.

Keywords: Continental Shelf; Success Ratio; Dynamic System Modeling; Exploratory Drilling; Future Discovery (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-50895-9_3

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DOI: 10.1057/9781137508959_3

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