Browsing UiS Brage by Author "Bratvold, Reidar Brumer"
Now showing items 1-20 of 21
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A Decision Analysis Framework for Offshore Green Ammonia Project Investments
Valberg, Vegard (Master thesis, 2021)Ammonia has great importance to our daily lives – it is used in household cleaning products and to make agricultural fertilizers. Recently it has attracted attention from the energy sector, since it can be used as a ... -
A decision support system for multi-target geosteering
Alyaev, Sergey; Suter, Erich; Bratvold, Reidar Brumer; Hong, Aojie; Luo, Xiaodong; Fossum, Kristian (Journal article; Peer reviewed, 2019-12)Geosteering is a sequential decision process under uncertainty. The goal of geosteering is to maximize the expected value of the well, which should be defined by an objective value-function for each operation. In this paper ... -
Application of machine learning to assess the value of information in polymer flooding
Tadjer, Mohamed Amine Amazigh; Bratvold, Reidar Brumer; Hong, Aojie; Hanea, Remus Gabriel (Peer reviewed; Journal article, 2021-12)In this work, we provide a more consistent alternative for performing value of information (VOI) analyses to address sequential decision problems in reservoir management and generate insights on the process of reservoir ... -
Appraisal campaign selection based on the maximum value of sequential information
Morosov, Andre Luis; Bratvold, Reidar Brumer (Peer reviewed; Journal article, 2021-09)Field development projects generally demand large investments which are subject to geological uncertainty, hence projects can benefit from geological information obtained from appraisal wells before large capital commitment. ... -
Bayesian interactive decision support for multi-attribute problems with even swaps
Sandbakk, Trym Seim (Master thesis, 2022)Even swaps (ES) is a multi-criteria decision-making method introduced by Hammond et al. (1998) that makes it easier for decision makers (DMs) to make trade-offs between the decision criteria. The ES method can be further ... -
Debiasing probabilistic oil production forecasts
Nesvold, Erik; Bratvold, Reidar Brumer (Peer reviewed; Journal article, 2022)Exploration and production companies in the hydrocarbon industry have every interest in producing unbiased production forecasts at the time of the investment decision, since it is an intrinsic part of making oil field ... -
Efficient Dimensionality Reduction Methods in Reservoir History Matching
Bratvold, Reidar Brumer; Hanea, Remus Gabriel (Peer reviewed; Journal article, 2021-05)Production forecasting is the basis for decision making in the oil and gas industry, and can be quite challenging, especially in terms of complex geological modeling of the subsurface. To help solve this problem, assisted ... -
Forecast of investment in renewable energy with consideration of dependency of investment in renewable energy and oil and gas prices
Waqar, Muhammad (Master thesis, 2021)Renewables are taking up the role of increasing importance in the energy industry, especially with the recent wave of the drop in prices of oil and gas. Therefore, oil and gas companies are gradually positioning themselves ... -
An interactive sequential-decision benchmark from geosteering
Alyaev, Sergey; Ivanova, Sofija; Holsaeter, Andrew Martin; Bratvold, Reidar Brumer; Bendiksen, Morten (Peer reviewed; Journal article, 2021)During drilling, to maximize future expected production of hydrocarbon resources, the experts commonly adjust the trajectory (geosteer) in response to new insights obtained through real-time measurements. Geosteering ... -
Machine learning based decline curve analysis for short-term oil production forecast
Tadjer, Mohamed Amine Amazigh; Hong, Aojie; Bratvold, Reidar Brumer (Peer reviewed; Journal article, 2021-05)Traditional decline curve analyses (DCAs), both deterministic and probabilistic, use specific models to fit production data for production forecasting. Various decline curve models have been applied for unconventional ... -
Machine learning methods for assessing value-of-information
Shahali, Reihaneh (Master thesis, 2022)One of the most useful features of decision analysis is its ability to distinguish between constructive and wasteful information gathering. Value-of-information (VOI) and sequential information gathering (Value-of-Flexibility, ... -
Managing Uncertainty in Geological CO2 Storage Using Bayesian Evidential Learning
Bratvold, Reidar Brumer; Tadjer, Amine (Peer reviewed; Journal article, 2021-03)Carbon capture and storage (CCS) has been increasingly looking like a promising strategy to reduce CO2 emissions and meet the Paris agreement’s climate target. To ensure that CCS is safe and successful, an efficient ... -
A multi-objective decision-making framework for the choice between mutually exclusive alternatives under uncertainty: Assessing the competitiveness of offshore wind for a gas field electrification on the NCS
Aghajani, Daniel; Bratvold, Reidar Brumer; Hagspiel-Janssen, Verena; Noshchenko, Olga; Toutain, Vincent (Peer reviewed; Journal article, 2024-11)Due to rising concerns about climate change and anticipated energy demand increase the Norwegian government advocates for floating offshore wind to decarbonize its oil and gas industry on the Norwegian continental shelf ... -
The Outside View: Correcting Biases in the Oil- and Gas Industry
Bekkedal, Simen Mosgren (Masteroppgave/UIS-TN-ISØP/2020;, Master thesis, 2020-07-14)When companies want to operate and produce petroleum on the Norwegian continental shelf (NCS) they are generally required to make an extensive plan prior to the construction work. This is known as the plan for development ... -
Probabilistic Machine Learning for Production Optimization Under Uncertainty
Mirmohammadhosseini, Seyedehmina (Master thesis, 2023)This thesis investigates the application of Bayesian Optimization (BO) in the optimization of the Expected Net Present Value (ENPV) for oil field development. The objective is to maximize the ENPV while reducing the ... -
Probabilistic Portfolio Modeling in Python
Kim, Sergey (Masteroppgave/UIS-TN-IEP/2019;, Master thesis, 2019-06-14)The portfolio selection problem has been known for centuries. However, Markowitz (1952) was the first to introduce a robust framework for optimized portfolios on financial markets. Later this approach was applied in the ... -
Probability elicitation using geostatistics in hydrocarbon exploration
Morosov, Andre Luis; Bratvold, Reidar Brumer (Peer reviewed; Journal article, 2021)The exploratory phase of a hydrocarbon field is a period when decision-supporting information is scarce while the drilling stakes are high. Each new prospect drilled brings more knowledge about the area and might reveal ... -
Real Option Valuation: Dynamic Programming of Mean Reverting Binomial Lattice
Mosberg, Lars Buseth (Masteroppgave/UIS-TN-IØRP/2018;, Master thesis, 2018-08-01)The binomial real options valuation approach using the market asset disclaimer assumption with an emphasis on state-dependent cash flows is reviewed and implemented using geometric Brownian Motion as the stochastic process ... -
Redevelopment Projects on the NCS: A Statistical Analysis of the Norwegian Petroleum Industry’s Ability to Generate Unbiased Production Forecasts
Berget, Erlend Fjelstad (Masteroppgave/UIS-TN-ISØP/2020;, Master thesis, 2020-07-01)Petroleum companies operating on the Norwegian Continental Shelf (NCS) must receive authority approval of the Plan for Development and Operation (PDO – also called the FID – Final Investment Decision) before a development ... -
A sequential decision and data analytics framework for maximizing value and reliability of CO2 storage monitoring
Tadjer, Mohamed Amine Amazigh; Hong, Aojie; Bratvold, Reidar Brumer (Peer reviewed; Journal article, 2021-12)Carbon capture and sequestration (carbon capture and storage or CCS) represents a unique potential strategy that can minimize CO2 emissions in the atmosphere, and it creates a pathway toward a neutral carbon balance, which ...