IDEAS home Printed from https://ideas.repec.org/a/gam/jresou/v7y2018i3p47-d162529.html
   My bibliography  Save this article

An Algorithm of Management Decision-Making Regarding the Feasibility of Investing in Geological Studies of Forecasted Hydrocarbon Resources

Author

Listed:
  • Alexey Cherepovitsyn

    (Organization and Management Department, Saint-Petersburg Mining University, Saint-Petersburg 199106, Russia)

  • Dmitry Metkin

    (Scientific and Production Department, All-Russian Petroleum Research Exploration Institute, Saint-Petersburg 192102, Russia
    Institute of Industrial Management, Economics and Trade, Peter the Great St. Petersburg Polytechnic University, Saint-Petersburg 195251, Russia)

  • Alexander Gladilin

    (“EDS-Plus” Ltd., Moscow 115114, Russia)

Abstract

Currently, under the conditions of increasing depletion of hydrocarbon reserves in Russia, it is necessary to consider the resource potential of poorly-researched oil and gas objects as a factor for ensuring the sustainable development of the oil and gas complex, in the context of the concept formation of rational subsoil utilization and a circular economy. The methodology of this study is based on a clear sequence of geological and economic studies of poorly-researched oil and gas objects, including four stages, such as analysis of the raw material base, assessment of the raw material potential, determination of technological development parameters, and economic evaluation. The methods of the probabilistic estimation of oil resources of the forecasted objects with regard to geological risk are outlined. Software packages “EVA—Risk Analysis” and “EVA—Economic Evaluation of Oil and Gas Field Development Projects” were used for estimation. The result of the study is the determination of the geological and economic efficiency of the development of nine hydrocarbon objects with the determination of the order of their further geological exploration, and introduction into industrial development on the example of the poorly-researched region of the Timan-Pechora oil and gas province located in the Arctic zone.

Suggested Citation

  • Alexey Cherepovitsyn & Dmitry Metkin & Alexander Gladilin, 2018. "An Algorithm of Management Decision-Making Regarding the Feasibility of Investing in Geological Studies of Forecasted Hydrocarbon Resources," Resources, MDPI, vol. 7(3), pages 1-17, August.
    • Handle: RePEc:gam:jresou:v:7:y:2018:i:3:p:47-:d:162529
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2079-9276/7/3/47/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2079-9276/7/3/47/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Elias G. Carayannis & Alexey E. Cherepovitsyn & Alina A. Ilinova, 2017. "Sustainable Development of the Russian Arctic zone energy shelf: the Role of the Quintuple Innovation Helix Model," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 8(2), pages 456-470, June.
    2. Tang, Bao-Jun & Zhou, Hui-Ling & Chen, Hao & Wang, Kai & Cao, Hong, 2017. "Investment opportunity in China's overseas oil project: An empirical analysis based on real option approach," Energy Policy, Elsevier, vol. 105(C), pages 17-26.
    3. Zhu, Lei & Zhang, ZhongXiang & Fan, Ying, 2015. "Overseas oil investment projects under uncertainty: How to make informed decisions?," Journal of Policy Modeling, Elsevier, vol. 37(5), pages 742-762.
    4. Clews, Robert, 2016. "Project Finance for the International Petroleum Industry," Elsevier Monographs, Elsevier, edition 1, number 9780128001585.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Victor Duryagin & Thang Nguyen Van & Nikita Onegov & Galiya Shamsutdinova, 2022. "Investigation of the Selectivity of the Water Shutoff Technology," Energies, MDPI, vol. 16(1), pages 1-16, December.
    2. Pavel Konyukhovskiy & Victoria Holodkova & Aleksander Titov, 2019. "Modeling Competition between Countries in the Development of Arctic Resources," Resources, MDPI, vol. 8(1), pages 1-17, March.
    3. Yury Boldyrev & Sergey Chernogorskiy & Konstantin Shvetsov & Anatoly Zherelo & Konstantin Kostin, 2019. "A Mathematical Model of Regional Socio-Economic Development of the Russian Arctic Zone," Resources, MDPI, vol. 8(1), pages 1-10, February.
    4. Oleg Prischepa & Yury Nefedov & Victoria Nikiforova, 2021. "Arctic Shelf Oil and Gas Prospects from Lower-Middle Paleozoic Sediments of the Timan–Pechora Oil and Gas Province Based on the Results of a Regional Study," Resources, MDPI, vol. 11(1), pages 1-24, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Tatiana Ponomarenko & Eugene Marin & Sergey Galevskiy, 2022. "Economic Evaluation of Oil and Gas Projects: Justification of Engineering Solutions in the Implementation of Field Development Projects," Energies, MDPI, vol. 15(9), pages 1-22, April.
    2. Jia-Yue Huang & Yun-Fei Cao & Hui-Ling Zhou & Hong Cao & Bao-Jun Tang & Nan Wang, 2018. "Optimal Investment Timing and Scale Choice of Overseas Oil Projects: A Real Option Approach," Energies, MDPI, vol. 11(11), pages 1-22, October.
    3. Haixing Liu & Yuntao Wang & Chi Zhang & Albert S. Chen & Guangtao Fu, 2018. "Assessing real options in urban surface water flood risk management under climate change," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 94(1), pages 1-18, October.
    4. Chi Yong & Mu Tong & Zhongyi Yang & Jixian Zhou, 2023. "Conventional Natural Gas Project Investment and Decision Making under Multiple Uncertainties," Energies, MDPI, vol. 16(5), pages 1-30, February.
    5. Liu, Yue & Sun, Huaping & Zhang, Jijian & Taghizadeh-Hesary, Farhad, 2020. "Detection of volatility regime-switching for crude oil price modeling and forecasting," Resources Policy, Elsevier, vol. 69(C).
    6. Elias Carayannis & Pantelis Kostis & Hasan Dinçer & Serhat Yüksel, 2024. "Quality Function Deployment-Oriented Strategic Outlook to Sustainable Energy Policies Based on Quintuple Innovation Helix," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 6761-6779, June.
    7. Bai, Yang & Meng, Jie & Meng, Fanyi & Fang, Guochang, 2020. "Stochastic analysis of a shale gas investment strategy for coping with production uncertainties," Energy Policy, Elsevier, vol. 144(C).
    8. Banda, Webby, 2023. "A system dynamics model for assessing the impact of fiscal regimes on mining projects," Resources Policy, Elsevier, vol. 81(C).
    9. Gabriel J. Power & Djerry C. Mbianda Tandja, 2022. "Should lenders also advise? Evidence from project loans," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(4), pages 961-985, December.
    10. Xiuyan Xu, 2020. "Risk factor analysis combined with deep learning in the risk assessment of overseas investment of enterprises," PLOS ONE, Public Library of Science, vol. 15(10), pages 1-14, October.
    11. Ioannou, Anastasia & Angus, Andrew & Brennan, Feargal, 2017. "Risk-based methods for sustainable energy system planning: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 74(C), pages 602-615.
    12. Andréa Aparecida Costa Mineiro & Cleber Carvalho Castro & Marcelo Gonçalves do Amaral, 2024. "Who Are the Actors of Quadruple and Quintuple Helix? Multiple Cases in Consolidated Science and Technology Parks," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 4691-4709, March.
    13. Xie, Zhong & Lu, Wenling & Yu, Jing & Wu, Yanrui & Liu, Qing, 2022. "Development zones and green innovation: Evidence from Chinese listed companies," China Economic Review, Elsevier, vol. 76(C).
    14. Gorupec Natalia & Brehmer Nataliia & Tiberius Victor & Kraus Sascha, 2022. "Tackling uncertain future scenarios with real options: A review and research framework," The Irish Journal of Management, Sciendo, vol. 41(1), pages 69-88, July.
    15. Elias G. Carayannis & Gaye Acikdilli & Christopher Ziemnowicz, 2020. "Creative Destruction in International Trade: Insights from the Quadruple and Quintuple Innovation Helix Models," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 11(4), pages 1489-1508, December.
    16. Day-Yang Liu & Chia-Kan Wang & Chung-Yi Fang & Pei-Leen Liu, 2021. "A Study of Project Financing on the Defense Industry in Systems Thinking Perspective," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 11(2), pages 1-6.
    17. Liya R. Artemkina & Natalya Y. Sopilko & Olga Y. Myasnikova & Irina U. Eremina & Nataliya V. Bondarchuk & Sergey V. Shamsheev, 2019. "The Model of Upstream Investment Portfolio in the Mature Regions," International Journal of Energy Economics and Policy, Econjournals, vol. 9(4), pages 173-180.
    18. Ilin, Igior & Kersten, Wolfgang & Jahn, Carlos & Weigell, Jürgen & Levina, Anastasia & Kalyazina, Sofia, 2020. "State of research in arctic maritime logistics," Chapters from the Proceedings of the Hamburg International Conference of Logistics (HICL), in: Jahn, Carlos & Kersten, Wolfgang & Ringle, Christian M. (ed.), Data Science in Maritime and City Logistics: Data-driven Solutions for Logistics and Sustainability. Proceedings of the Hamburg International Conferen, volume 30, pages 383-407, Hamburg University of Technology (TUHH), Institute of Business Logistics and General Management.
    19. Tatiana Ponomarenko & Marina Nevskaya & Izabela Jonek-Kowalska, 2021. "Mineral Resource Depletion Assessment: Alternatives, Problems, Results," Sustainability, MDPI, vol. 13(2), pages 1-15, January.
    20. E. Carayannis & A. Ilinova & A. Chanysheva, 2020. "Russian Arctic Offshore Oil and Gas Projects: Methodological Framework for Evaluating Their Prospects," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 11(4), pages 1403-1429, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jresou:v:7:y:2018:i:3:p:47-:d:162529. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.