Managing Risks Using Integrated Production Models: Applications

Abstract

This paper presents applications of an asset-management analysis process that helps quantify and manage uncertainty to aid strategic decision-making over the life of a field. The dynamic and iterative nature of the process and tools allows for rapid, quantitative systems analysis of the impact of a wide number of options with their associated uncertainty The result is a robust method to understand the risks and potential value of the prospective enterprise on an ongoing basis through development, operation, and expansion phases. Application of the process over the entire life cycle of an asset is discussed and illustrated with two case histories.