An important task that petroleum engineers and geoscientists undertake is to produce
decision-relevant information. Some of the most important decisions we make concern what …

Governments worldwide are setting ambitious targets for offshore renewable energy
development (ORD). However, deployment is constrained by a lack of understanding of the …

The efficient operation and management of a geothermal project can be largely affected by
geological, physical, operational and economic uncertainties. Systematic uncertainty …

In multiple criteria decision-making (MCDM) problems, ranking alternatives is usually the
end. However, in real life, it is rarely an end in itself and serves as a means to an end …

In this work, a stochastic, physics-based model for Lithium-ion batteries (LIBs) is presented
in order to study the effects of parametric model uncertainties on the cell capacity, voltage …

We discuss the two-factor oil-price model in valuation and analysis of flexible investment
decisions. In particular, we will discuss the real options formulation of a typical oilfield …

This paper presents the CoG-FPOM, an adaptation of the Fuzzy Pay-Off Method (FPOM).
The FPOM is a scenario-based real option valuation method that uses fuzzy numbers as …

Swanson's mean (SM) is heavily used within the oil and gas industry to approximate
continuous probability distributions such as the log-normal. In this paper, we document the …

Quantitative methods are needed for systematic decision-making during exploration for
subsurface resources, but few methods exist that fully incorporate the interaction of …

Offshore development requires large investments, which have to be made in the presence of
multiple sources of uncertainty. Quantification of uncertainty in predictions of a reservoir's …