This book is an introduction to the application of statistical decision analysis concepts to the analysis of risk and uncertainty in petroleum exploration investment decisions. Topics covered in the book represent a composite of current attitudes and practices throughout the world for analyzing drilling prospects, as well as several ideas and concepts published first in this book. Although decision analysis can be applied to any type of business investment decision the emphasis in this book is on the application of these new quantitative analysis methods to petroleum exploration decisions. The book will be of special interest to anyone involved in the evaluation of drilling prospects: petroleum geologists, engineers, geophysicists, and management decision makers. A mathematical or statistical background is not required to follow the practical, applications-oriented discussions.
"synopsis" may belong to another edition of this title.
Reprint of the 1975 classic best-selling text and still the standard desk reference in the field.About the Author:
Dr. Paul Newendorp began his career in 1959 as a petroleum engineer for Pan American Petroleum Corporation (now Amoco Production Company). During two later educational leaves of absence he completed his MS and Doctorate degrees in Petroleum Engineering from the University of Oklahoma. In 1968 he developed a two-week short course on petroleum exploration economics and risk analysis. The course was based, in part, on his Doctoral research on decision theory and earlier industry work experience. For the next 21 years he traveled throughout the world teaching his short course. Entitled Decision Analysis for Petroleum Exploration, the course introduced many new concepts into the lexicon and accepted practice for analyzing drilling prospects. Included was his pioneering work on the use of Monte Carlo simulation for the quantification of exploration risks and uncertainties. His course, research, and numerous publications also brought into focus how established decision theory methods such as the expected value concept, decision tree analysis, and utility theory can be used to advantage in evaluating drilling prospects. This book was written in 1975 for use as a text for his course. During his career Dr. Newendorp was an active member of the Society of Petroleum Engineers. He served in various leadership roles and received numerous awards, including the SPE Section Service Award. In 1987-1988 he was appointed an SPE Distinguished Lecturer. He was also an associate member of the American Association of Petroleum Geologists.
"About this title" may belong to another edition of this title.
Book Description Planning Press, 1998. Hardcover. Book Condition: New. book. Bookseller Inventory # M0966440102