Fuzzy data analysis methodology for the assessment of value of information in the oil and gas industry.
Oluyemi, Gbenga Folorunso
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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 Institute of Electrical and Electronics Engineers (IEEE) International fuzzy systems conference 2018 (FUZZ-IEEE 2018), 8-13 July 2018, Rio de Janeiro, Brazil. Piscataway: IEEE [online], article ID 8491628. Available from: https://doi.org/10.1109/FUZZ-IEEE.2018.8491628
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.