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SPE WA August Lecture: The Business Case for Data Acquisition
August 29, 2017 @ 5:00 pm - 6:00 pm| Free
The Business Case for Data Acquisition – An introduction to the concept of “Value of Information’’
Geoscientists and reservoir engineers often feel the need to acquire additional data to increase their understanding of the subsurface, reduce uncertainty and improve their models. However, subsurface data gathering, particularly in offshore environments, is typically associated with significant cost, and developing a solid business case often proves difficult. “Gut feel” rarely suffices to convince managers to approve expenditure for that new appraisal well. This presentation introduces the concept of “Value of Information” (VOI) as an invaluable tool for the justification of appraisal. By understanding the value drivers, VOI may even assist in determining the appraisal scope and design. The concept of VOI can be applied across a wide range of areas, not limited to subsurface data gathering. The presentation includes a hypothetical case study using Bayes’ Theorem, resulting in a perhaps surprising, albeit not uncommon, conclusion.
Presenter: Pieter Jagtenberg
Pieter is a Reservoir Engineering Adviser with Woodside Energy, based in Perth, Australia. He holds a degree in Mining Engineering from Delft University of Technology and has 25 years of industry experience spanning operations, production technology and reservoir engineering, with postings in Germany, Thailand and New Zealand and, since 2005, Australia. Pieter has been involved in a number of field developments and appraisal activities, and is passionate about integration between the various technical and non-technical disciplines.