Economic Risk in Hydrocarbon Exploration PDF Download Ebook. Ian Lerche and John A. MacKay provide total framework for assessing the uncertainties associated with exploration risk from beginning to end. Numerous examples with accompanying microcomputer algorithms illustrate how to quantitatively approach economic risk.
The text compares detailed assumptions and models of economic risk, and presents numerical examples throughout to facilitate hands-on calculations using popular spread-sheet packages on personal computers. It covers economic risk from exploration through production models by bringing methods to a level where all can be done on a PC and analyzing numerical examples from the real world.
The ability to provide quantitative measures of both geologic and economic risks is therefore paramount if the petroleum industry is to do a better job of making decisions that lead to profitable operations. In addition, companies cannot merely assess the overall scientific or economic risks; they must also be able to determine from a quantitative analysis which components are causing the largest uncertainties in the risk assessment.
This book removes "mystery" from how economics is done. It addresses assumptions in models and shows how they influence projections. It is aimed to scientists, economists, and professionals concerned with exploiting the world's oil and gas resources; oil and gas company explorationists, strategic resource economists, and academic and private research scientists involved in quantitative geology problems or who deal with the economic risk associated with hydrocarbon exploration.
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