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| Author: | Keefer, D. L. Smith, F. B. Back, H. B. |
| Title: | Development and use of a modeling system to aid a major company in allocating bidding capital. |
| Journal: | Operations Research
1991 : JAN-FEB, VOL. 39:1, p. 28-41 |
| Index terms: | PETROLEUM INDUSTRY BIDDING CAPITAL EXPENDITURE DECISION SUPPORT SYSTEMS |
| Language: | eng |
| Abstract: | Bidding for offshore oil and gas leases at federal Outer Continental Shelf /OCS/ lease sales involves complex high-stakes decisions and enormous uncertainties. A 10-year effort to help Gulf Oil Corporation's Exploration management make the best use of limited bidding capital at USA offshore oil and gas lease sales is described. The analytical tool reported here, the Lease Bidding Strategy System /LBSS/, found the set of bids and fractional partnership shares to maximize one of several alternative objective functions subject to specified constraints, while explicitly taking major uncertainties into account. The LBSS combined techniques from decision analysis, statistics, and non-linear optimization to provide information and insights to management. |
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