Model of interval multi-attribute optimization for overseas oil–gas projects

Abstract

Because of the incompleteness and uncertainty in the information on overseas oil–gas projects, project evaluation needs models able to deal with such problems. A new model is, therefore, presented in this paper based on interval multi-attribute decision-making theory. Analysis was made on the important attributes (index) and the relationships affecting the basic factors to the project economic results were described. The interval numbers are used to describe the information on overseas oil and gas projects. On these bases, an improved TOPSIS model is introduced for the evaluation and ranking of overseas oil and gas projects. The practical application of the new model was carried out for an oil company in selecting some promising blocks from 13 oil and gas blocks in eight different countries in the Middle East. Based on these innovative studies, some conclusions are given from theoretical and application aspects. The practical application shows that the introduction of interval numbers into the evaluation and ranking of the overseas oil and gas projects can lead to more reasonable decisions. The users can do the project evaluation based on the comprehensive values as well as based on some preferred index in the project evaluation and ranking.