This is an update of the 1975 best-selling text, which became the standard reference in the field. This book introduces the reader to ways of applying risk and decision analysis to the analysis of investment decisions under uncertainty in petroleum exploration.
Topics covered in the book represent a composite of evaluation practices and problem-solving approaches used throughout the world. Several ideas and concepts were first published in the first edition of this book.
Decision analysis methods apply to any type of business investment decision. The emphasis in this book is on quantitative methods useful in petroleum exploration decisions. The book will be of special interest to anyone involved in the evaluation of property acquisitions, geophysical surveys, and prospect drilling decisions: petroleum geologists, engineers, geophysicists and managers. A mathematical or statistical background is not required to follow the practical, applications-oriented discussions.
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This is an update of the 1975 best-selling Decision Analysis for Petroleum Exploration, which became the standard reference in the field. Several ideas were first published in the first edition of this book. The revision author extends the ideas and examples from his own experience. This edition uses updated terminology and examples with personal computer software.About the Author:
Paul Newendorp began his career in 1959 as a petroleum engineer for Pan American Petroleum Corporation (now Amoco Production Company). 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 at University of Oklahoma 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.
Upon nearing retirement in 1988, Paul Newendorp encouraged John Schuyler, one of his former students and a longtime colleague, to design a successor course. Mr. Schuyler developed what has become his primary course, “Petroleum Risks and Decision Analysis,” (and variants) which has been presented more than 150 times in 22 countries since 1990 in affiliation with Oil & Gas Consultants Intl. This one-week course includes and extends many of the concepts in Dr. Newendorp’s book.
Mr. Schuyler holds BS and MS degrees in Mineral-Engineering Physics from Colorado School of Mines and an MBA from University of Colorado at Boulder. He was formerly VP and Petroleum Evaluation Engineer with Security Pacific Bank, Planning and Evaluation Analyst and Manager-Business Systems for Cities Service Company, and a Senior Management Consultant with a national accounting firm. He is a CAM, CCE, CMA, CMC, CPIM, PE, and PMP. He is a member of AACE, IMA,
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