From Quantifying Seismic Uncertainty to Assessing E&P Risks And the Value of Information

Accurate well placement in oil and gas exploration and production (E&P) requires accurate positioning of interpreted geological structure in the depth domain. In the past decade, with the advancement of sensor and computer hardware technology, the seismic industry has made great improvements in the data acquisition designs as well as depth imaging and model building algorithms. However, the cost/benefit justification for the value of information (VOI) obtained by utilization of these technologies remains mainly to be qualitative. This paper discusses how seismic uncertainty analysis can lead to quantifying the VOI and technical risks associated with E&P projects.

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