Value of Seismic Information with Multiple Drilling Targets

Previous work has focused on valuing seismic information in the context of a go/no-go decision surrounding a single hydrocarbon target. While useful, this scenario fails to address the more common decision situation facing most oil and gas companies: the development of a multi-target drilling program in the face of constrained resources (e.g., capital, rigs, time). In this paper, we quantify the value of seismic information when facing some form of drilling or budget constraint. In so doing, we demonstrate that seismic information is potentially more valuable than has been shown before. We also highlight the importance of quantifying seismic accuracy in different geologic settings.