Gathering the right kind and the right amount of information is crucial for any decision-
making process. This book presents a unified framework for assessing the value of potential …

System verification activities (VAs) are used to identify potential errors and corrective
activities (CAs) are used to eliminate those errors. However, existing math-based methods to …

Basin models are used to gain insights about a petroleum system, and to simulate
geological processes required to form oil and gas accumulations. The focus of such …

We present a framework for sequential decision making in problems described by graphical
models. The setting is given by dependent discrete random variables with associated costs …

The exploratory phase of a hydrocarbon field is a period when decision-supporting
information is scarce while the drilling stakes are high. Each new prospect drilled brings …

Value of information analysis is useful for helping a decision maker evaluate the benefits of
acquiring or processing additional data. Such analysis is particularly beneficial in the …

Oil & gas field development planning has the objectives of maximizing economic value and
also mitigating potential risk. An optimal development concept and strategy depend on the …

The paper considers the problem of optimal sequential design for graphical models. Oil and
gas exploration is the main application. Here, the outcomes at prospects or reservoir units …

Natural gas processing is always a high-risk operation in the floating liquefied natural gas
facility (FLNG). This facility is considerably prone to unfavourable accidents, especially fires …

Pore-pressure estimation is an important part of oil-well drilling because drilling into
unexpected highly pressured fluids can be costly and dangerous. However, standard …