Greenman, J.V. and Fryer, M.J. (1996) Hydrocarbon field size distributions: a case study in mixed integer nonlinear programming. Journal of the Operational Research Society, 47 (12). pp. 1433-1442. ISSN 0160-5682 (Print), 1476-9360 (Online) (doi:https://doi.org/10.1057/palgrave.jors.0471201)

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Abstract

Of key importance to oil and gas companies is the size distribution of fields in the areas that they are drilling. Recent arguments suggest that there are many more fields yet to be discovered in mature provinces than had previously been thought because the underlying distribution is monotonic not peaked. According to this view the peaked nature of the distribution for discovered fields reflects not the underlying distribution but the effect of economic truncation. This paper contributes to the discussion by analysing up-to-date exploration and discovery data for two mature provinces using the discovery-process model, based on sampling without replacement and implicitly including economic truncation effects. The maximum likelihood estimation involved generates a high-dimensional mixed-integer nonlinear optimization problem. A highly efficient solution strategy is tested, exploiting the separable structure and handling the integer constraints by treating the problem as a masked allocation problem in dynamic programming.

Item Type:	Article
Additional Information:	[1] The Journal of the Operational Research Society is an official journal of The OR Society.
Uncontrolled Keywords:	dynamic programming, energy, statistics
Subjects:	Q Science > QA Mathematics
Pre-2014 Departments:	School of Computing & Mathematical Sciences
Related URLs:	Publisher
Last Modified:	14 Oct 2016 08:59
URI:	http://gala.gre.ac.uk/id/eprint/24

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