Cost effective development of small discoveries on the Norwegian Continental Shelf 

PhD Candidate Semyon Fedorov

Main Supervisor Verena Hagspiel

Sponsor: Okea

This project studies field development methods for reservoirs of modest to small size, with prominent downside risk. The project focuses on:
1) the value of flexibility for field development by combining the real options approach and decision analysis
2) comparing these advanced valuation methods against traditional methods
3) assessing the value of acquiring additional information on the reservoir to execute improved oil recovery projects during the production phase
4) study of a staged-development design philosophy.

Project result: Staged development allows to get more value out of small discovery 
A study case showing that allowing for flexibility and updating with new information mitigates potential losses 

Operator-contractor risk and benefit sharing in oil exploration and production

A study case shows that sharing agreements allow to decrease volatility and downside risks

BRU21 Conference 2022