Many governments rely on oil companies to efficiently exploit natural resources. Governments have the challenging task of deciding which companies should be awarded exclusive rights to explore, develop, and produce their petroleum resources, and on what conditions such rights should be awarded. This paper analyzes the available evidence on the advantages and disadvantages of various systems used by petroleum-producing countries to allocate petroleum exploration, development, and production rights, and considers the policy implications of each system. The experience of six petroleum-producing countries is presented in detail, and numerous other examples are provided to derive lessons of wider applicability. The paper presents various conclusions for policy makers about the optimal design of allocation systems.

Decision Analysis for Petroleum Exploration By Paul D. Newendorp

This book presents the proceedings from the International Symposium for Production Research 2020. The cross-disciplinary papers presented draw on research from academics and practitioners from industrial engineering, management engineering, operational research, and production/operational management. It explores topics including: · computer-aided manufacturing; Industry 4.0 applications; simulation and modeling big data and analytics; flexible manufacturing systems; decision analysis quality management industrial robotics in production systems information technologies in production management; and optimization techniques. Presenting real-life applications, case studies, and mathematical models, this book is of interest to researchers, academics, and practitioners in the field of production and operation engineering.

"Reservoir compartmentalization - the segregation of a petroleum accumulation into a number of individual fluid/pressure compartments - controls the volume of moveable oil or gas that might be connected to any given well drilled in a field, and consequently impacts 'booking' of reserves and operational profitability. This is a general feature of modern exploration and production portfolios, and has driven major developments in geoscience, engineering and related technology. Given that compartmentalization is a consequence of many factors, an integrated subsurface approach is required to better understand and predict compartmentalization behaviour, and to minimize the risk of it occurring unexpectedly. This volume reviews our current understanding and ability to model compartmentalization. It highlights the necessity for effective specialist discipline integration, and the value of learning from operational experience in: detection and monitoring of compartmentalization; stratigraphic and mixed-mode compartmentalization; and fault-dominated compartmentalization"--Page 4 of cover.

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The paper aims to provide practical information to policy makers on the advantages and disadvantages of various practices used by petroleum producing countries to allocate exploration, development, and production rights.