Optimal Choice of R&D Strategy for Enhanced Recovery from Petroleum Reservoirs

Abstract

Off the coast of Norway is a huge, undeveloped petroleum reservoir. The exploitation of this resource is a challenge to the oil industry both because of its specific reservoir geology and its deep water location. One of the decisions that must be made regarding this field is the choice of the injection method. Our report discusses decision rules for the choice of R&D strategies for methods of supplementary recovery.

Keywords

Oil production Enhanced recovery Oil reservoirs Norway R&D

Get full access to this article

View all access options for this article.

References

Nystad

A.N.

(1985). “On the Economics of Improved Oil Recovery: The Optimal Recovery Factor from Oil and Gas Reservoirs.” Presented at the 7th Annual International Conference of Association of Energy Economists. Bonn.

Rotschild

(1974). “Searching for the Lowest Price when the Distribution of Prices is Unknown.” Journal of Political Economy. 82: 689-711.

Stensland

(1985). “Pandoras Kinesiske Esker.” Sosialekonomen. May: 30-35.

Stigler

G. J.

(1961). “The Economics of Information,” The Journal of Political Economy (69) 213-225.

Tesler

L. G.

(1973). “Searching for the Lowest Price.” American Economic Review. 63 (2): 40-49.

Weitzman

M. L.

(1979). “Optimal Search for the Best Alternative.” Econometrica. 47 (3): 641-654.