Analysis of Alternatives for Oil Field Development under Uncertainty

The objective of this area of the project was to develop the foundations of a modular system for alternatives analysis that would allow the integration of the models presently studied (models for investment alternatives, expansion options and options to invest in information). The system makes it possible to work with several different oil fields, where each field can have several investment alternatives and each investment alternative can, for example, present options to invest in information and options to invest in several expansion wells. Technical uncertainties are represented by fuzzy numbers and the problem is solved by Monte Carlo simulation.

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