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Ricardo Furtado, Saul B. Suslick, Monica R. Rodriguez; A method to estimate block values through competitive bidding. AAPG Bulletin ;; 92 10 : — The bidding process is a mechanism that has been widely used by different countries to optimally distribute their oil exploratory acreages. One of the big challenges for both companies and government agencies is the estimation of the block values.
Considering that the bid value is by and large a fraction of the estimated unknown reserve, the objective of this article is to reach a set of proxies of unknown values of the blocks through the successful bids. The estimation value of the block is calculated through a stochastic simulation of bid fractions using a compound probability distribution.
The model was tested and validated using the public data available from the Brazilian seven licensing rounds. The simulation model indicated that this approach can be used as an auxiliary decision framework by oil companies for new investments and bidding strategies as well as by the regulatory agency to evaluate bid performance in different world regions and geological settings possessing similar competitive bidding schemes.
Shibboleth Sign In. OpenAthens Sign In. Institutional Sign In. Sign In or Create an Account. User Tools. Sign In. Advanced Search. Skip Nav Destination Article Navigation. Close mobile search navigation Article navigation. Volume 92, Number Previous Article Next Article. Article Navigation. Research Article October 01, A method to estimate block values through competitive bidding Ricardo Furtado ; Ricardo Furtado. Google Scholar. Saul B. Suslick ; Saul B.
Monica R. Rodriguez Monica R. AAPG Bulletin 92 10 : — Article history received:. Abstract The bidding process is a mechanism that has been widely used by different countries to optimally distribute their oil exploratory acreages. You do not currently have access to this article. You could not be signed in.
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Each year, oil producing companies and other oil service firms invite other companies to submit bids for the supply of goods and services. Tendering processes in the oil and gas industry in Nigeria share many common elements. The tendering process may be through open tendering in which case any qualified entity may bid , or selective tendering when bid is opened only to some selected organisations. Open tendering may sometimes be preceeded by a pre-qualification stage called Expression of interest EOI when interested companies will be requested to provide some basic documentation e. This will be used to screen out unqualified companies before the ITT is issued to only qualified companies. An overview of the main steps to take to prepare a competitive tender is as follows:. This step involves establishing the qualification of your company to meet the requirements of the project.
The oil and gas industry operate in just about every imaginable geographic and climatic region across the world, including some of the most extreme conditions known. On the business side, it provides market intelligence and recommended commercial strategy for each spending category. A robust vendor information system containing vendor pre-qualification evaluation as well as vendor performance is also maintained to enable supplier relationship management. For all major spending, the Procurement Committee will oversee the overall process to enhance assurance on compliance, fairness and transparency. All are complied with international codes and standards applicable for safe practice and environment protection. Materials management is also part of this function with an objective to ensure the right balance between overall investment, expenses, and operational continuity. Services provided include vessel berthing, cargo handling, storage, and warehousing.
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