Economics of Petroleum Production -Vol. 2, Value & Worth

There is an oil industry adage that exploration for hydrocarbons always loses money, while production of hydrocarbons always makes money. To what extent that statement is true, is at the heart of this work. Production may indeed always make money, but it is always possible to make more or to make less! To maximise a given opportunity, the skills of a geologist alone are not sufficient, neither are just an economist's skills enough. This Compendium recognises the complexity of petroleum production economic risk problems, and offers itself as both an introduction and a foundation for further thought and research.

Unconventional Gas Traps: Low Permeability Sands and Gas Accumulations

Application of Hydrodynamic Modelling to Investigate the Origin of an Observed Tilted Oil-Water Contact

Hydrocarbon Accumulation Control by Predominant Migration Pathways

On Economic Resolution and Uncertainty in Hydrocarbon Exploration Assessment

Value Change in Oil and Gas Production:
I. Additional Information at Fixed Cost but Variable Resolution Probability
II. Additional Information with Variable Cost and Variable Success Probability
III. A Time to Buy, A Time to Sell, A Time to Decide
IV. Unresolved Options with New Information Acquisition
V. Incorporation of Uncertainties and Determination of Relative Importance
VI. Buy-Out, Farm-Out, or Stand

Production from Multiple Horizons:
I. Costs, Return on Investment and Chances of Multiple Success
II. Correlation and Uncertainty Considerations
III. Budget Constraints and Minimum Involvement