Valuing future information under uncertainty
US8073800B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Jul 30, 2008 |
| Grant date | Dec 6, 2011 |
| Priority date | — |
| Expiry date | Jul 31, 2030 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q30/0206
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
The invention relates to a method of performing an oilfield operation of an oilfield having at least one well having a wellbore penetrating a subterranean formation for extracting fluid from an underground reservoir therein. The method steps include analyzing the oilfield operation to generate a decision tree comprising a first decision and a second decision, wherein a first outcome of the first decision dictates acquiring information relevant to the second decision, formulating a figure of merit of the oilfield operation according to the decision tree based on the information and uncertainties associated with the oilfield, determining a value of the figure of merit by modeling the oilfield operation using statistical sampling, and performing the oilfield operation upon making the first decision based on the value of the figure of merit.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.