Oct. 24, 2006


Description

Seismic data provide important information for guiding reservoir development. Improvements in data quality hold the promise of improving performance even further. Yet, the value of these data, and decision making capability, must exceed its cost. Previous work has demonstrated value of information (VOI) methods to quantify the value of seismic data. In these examples, seismic accuracy is obtained via expert assessment instead of being based on geophysical quantities. In addition, the modeled seismic information is not representative of a quantity that would be observed in a true processed seismic image. Here we apply a more general VOI model that includes multiple targets, budgetary constraints, and, importantly, quantitative models relating post-stack seismic amplitudes and AVO parameters to the quantities of interest for reservoir characterization, such as porosity and reservoir thickness. In addition, by including estimated changes in data accuracy related to signal-to-noise ratio, the decision model can provide objective estimates of the ability of the seismic data to provide reliable measurements and its value. We demonstrate this methodology within the context of a west Texas 3D land survey. This example demonstrates that seismic information can be quite valuable and improvements in seismic technology can create significant value for E&P companies.


Featured Speakers

Speaker Rick Gibson, Eric Bickel, & Duane McVay
Texas A&M; University Richard L. Gibson, Jr. received his B.Sc. (1985, geology) from Baylor University and a Ph.D. (1991, geophysics) from Massachusetts Institute of Technology.  He had a post-doctoral appointment at the Laboratoire de Geophysique Interne et Tectonophysique (Universite Joseph Fourier, Grenoble, France) and at MIT, where he became a Research Scientist. Since 1997, he has ...


Texas A&M University

Richard L. Gibson, Jr. received his B.Sc. (1985, geology) from Baylor University and a Ph.D. (1991, geophysics) from Massachusetts Institute of Technology.  He had a post-doctoral appointment at the Laboratoire de Geophysique Interne et Tectonophysique (Universite Joseph Fourier, Grenoble, France) and at MIT, where he became a Research Scientist. Since 1997, he has been on the faculty of Texas A&M University, where he is currently an Associate Professor of Geophysics. His research interests include theoretical and computational seismology, reservoir characterization, anisotropy and imaging

 

Eric Bickel is an Assistant Professor in the Department of Industrial and Systems Engineering at Texas A&M University and Director of the Decision Analysis Systems Lab. His research interests include the theory and practice of decision making under uncertainty (decision analysis), modeling probabilistic dependence, and value of information. Prior to joining Texas A&M, Dr. Bickel was a Senior Engagement Manager for Strategic Decisions Group, where he applied decision analysis to corporate strategy. He has consulted around the world in a range of industries, including oil and gas, financial services, electricity generation and delivery, metals/mining, and chemicals. Dr. Bickel holds an M.S. and Ph.D. in Engineering-Economic Systems from Stanford University.

 

Duane A. McVay is an Associate Professor in the Harold Vance Department of Petroleum Engineering at TexasA&MUniversity, where he specializes in petroleum reservoir simulation, integrated reservoir management and risk assessment. Dr. McVay joined Texas A&M in 1999, following 16 years with S.A. Holditch & Associates, a petroleum engineering consulting company. He received B.S., M.S. and Ph.D. degrees in Petroleum Engineering from TexasA&MUniversity.

Full Description



Organizer

Chuck Wagner


Date and Time

Tue, Oct. 24, 2006

11:30 a.m. - 1 p.m.
(GMT-0500) US/Central

Event has ended

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Location

Courtyard on St James

1885 St James Place
Houston, TX 77056
USA