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Uncertainty in Petroleum Field Development Projects

[+] Author Affiliations
Alexandre A. Chamanski, Ove T. Gudmestad

Stavanger University College, Stavanger, Norway

Paper No. OMAE2002-28018, pp. 25-29; 5 pages
doi:10.1115/OMAE2002-28018
From:
  • ASME 2002 21st International Conference on Offshore Mechanics and Arctic Engineering
  • 21st International Conference on Offshore Mechanics and Arctic Engineering, Volume 2
  • Oslo, Norway, June 23–28, 2002
  • Conference Sponsors: Ocean, Offshore, and Arctic Engineering Division
  • ISBN: 0-7918-3612-6 | eISBN: 0-7918-3599-5
  • Copyright © 2002 by ASME

abstract

The development of petroleum fields involves both technical and commercial uncertainties. The technical uncertainties associate with the geological and technical complexity of producing hydrocarbon resources, especially in hostile environments. The commercial uncertainties, in turn, associate with the capital intensity of the petroleum field development projects and the volatility of the petroleum markets. In addition, petroleum field development projects are usually large and complex, and their successful realization requires effective management of numerous activities, and, often, resolving conflicting interests of the parties involved in the projects. A better understanding of uncertainty is therefore essential for successful management of petroleum field development projects. The sample examined in this study included 48 Western and Russian experts in petroleum field development. The experts’ responses to a questionnaire were used to identify the key uncertainty factors in the petroleum field development process and analyze the heterogeneity of the experts’ opinions.

Copyright © 2002 by ASME

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