Robustness of disaggregate oil and gas discovery forecasting models
Marine and Petroleum Geology
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Abstract
The trend in forecasting oil and gas discoveries has been to develop and use models that allow forecasts of the size distribution of future discoveries. From such forecasts, exploration and development costs can more readily be computed. Two classes of these forecasting models are the Arps-Roberts type models and the 'creaming method' models. This paper examines the robustness of the forecasts made by these models when the historical data on which the models are based have been subject to economic upheavals or when historical discovery data are aggregated from areas having widely differing economic structures. Model performance is examined in the context of forecasting discoveries for offshore Texas State and Federal areas. The analysis shows how the model forecasts are limited by information contained in the historical discovery data. Because the Arps-Roberts type models require more regularity in discovery sequence than the creaming models, prior information had to be introduced into the Arps-Roberts models to accommodate the influence of economic changes. The creaming methods captured the overall decline in discovery size but did not easily allow introduction of exogenous information to compensate for incomplete historical data. Moreover, the predictive log normal distribution associated with the creaming model methods appears to understate the importance of the potential contribution of small fields. ?? 1989.
Suggested Citation
Attanasi, E.D., Schuenemeyer, J., 1989, Robustness of disaggregate oil and gas discovery forecasting models: Marine and Petroleum Geology, v. 6, no. 3, p. 270-276, https://doi.org/10.1016/0264-8172(89)90006-8.
| Publication type | Article |
|---|---|
| Publication Subtype | Journal Article |
| Title | Robustness of disaggregate oil and gas discovery forecasting models |
| Series title | Marine and Petroleum Geology |
| DOI | 10.1016/0264-8172(89)90006-8 |
| Volume | 6 |
| Issue | 3 |
| Year Published | 1989 |
| Language | English |
| Publisher | Elsevier |
| Larger Work Type | Article |
| Larger Work Subtype | Journal Article |
| Larger Work Title | Marine and Petroleum Geology |
| First page | 270 |
| Last page | 276 |