Decision Analysis for Petroleum Exploration

This book is an introduction to the application of statistical decision analysis concepts to the analysis of risk and uncertainty in petroleum exploration investment decisions. Topics covered in the book represent a composite of current attitudes and practices throughout the world for analyzing drilling prospects, as well as several ideas and concepts published first in this book. Although decision analysis can be applied to any type of business investment decision the emphasis in this book is on the application of these new quantitative analysis methods to petroleum exploration decisions. The book will be of special interest to anyone involved in the evaluation of drilling prospects: petroleum geologists, engineers, geophysicists, and management decision makers. A mathematical or statistical background is not required to follow the practical, applications-oriented discussions.