[CCoE Notice] Seminar: Value of Imperfect Information

[Grayson, Audrey A]

The Department of Petroleum Engineering Seminar Series:

Friday February 9, 2018

11am ERP BLDG 4 Room 110



Topic:            Value of Imperfect Information

Presenter:    David Patrick Murphy









Abstract:

Decisions are made to acquire additional information before making major investment decisions. Information might be in the form of:

  *   Seismic surveys
  *   Well logs
  *   Another wildcat or delineation well
  *   A pilot project
  *   Equipment inspection.



Information obtained is usually imperfect, that is to say that uncertainty is reduced but not removed. Bayes’ Mathematical Theorem will be used to evaluate the maximum value that can be placed on obtaining imperfect information.



DAVID PATRICK MURPHY is an Instructor for PetroSkills. He retired from Shell Exploration and Production with almost 35 years of engineering and operational experience, emphasis on petrophysical engineering and technical learning. For 17 years (concurrent with Shell time), he was formation evaluation lecturer in the University of Houston Petroleum Engineering Graduate Program. Murphy has been honored twice with the outstanding lecturer award from the University of Houston Cullen College of Engineering (1995 and 2002). For 13 years he has taught courses for Massachusetts Institute of Technology’s Independent Activities Period.



Murphy’s publications include the annual “Advances in MWD and Formation Evaluation” feature in World Oil (1993-2005), “NMR Logging and Core Analysis—Simplified” in World Oil (1995), and contributions to Carbonate Reservoir Characterization: A Geological-Engineering Analysis, Part II (Elsevier 1996). He has been a judge for Hart’s E&P annual Meritorious Engineering Awards (1997-2005) and an industry advisor for Oilfield Review (1997-2004). Murphy is a member of the Society of Petrophysicists and Well Log Analysts (SPWLA) and the Society of Petroleum Engineers (SPE). He has taught numerous SPWLA short courses. SPE committee memberships have included Education and Professionalism Committee and Measurement While Drilling Reprint Editorial Committee. Murphy is a Licensed Professional Engineer in Petroleum Engineering. He earned a B.S. degree in Petroleum Engineering from the University of Oklahoma.








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