After the meeting, the Houston Chapter meeting attendees will move to a nearby location for an informal happy hour.
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- For an oil company, its exploration mission is to attempt identifying and locating hydrocarbon in the subsurface. An exploratory program always starts with data collection including geological, geophysical, geochemical, and regional petroleum data, and extracting source, reservoir, seal rocks, plus trapping and migration information from the data collection, and then forming prospect or play knowledge based on hydrocarbon system information. The last step is to drill a well to test whether or not the explorers understanding is correct, which is to test the explorers’ wisdom. From data to information to knowledge and then to wisdom or understanding, it is a very complicated and subjective process. Due to the nature of unique subsurface, even with the most sophisticated technology and tools, the interpretation and prediction will hardly be precise or accurate. If we can look an exploration effort through a perspective of DIKW pyramid, this will help us understand better the uncertainty and risk of the prospect when we make a drilling decision. In making a wildcat decision, it is wise if we understand the implications of well drilling activities. The DIKW process provides a new prospective way of checking decision quality which has been usually absent in the industry.
- Mr. Mu Liu was an exploration economist with Shell for 16 years. He was academically trained as petroleum geologist but he found out his true interest was on energy economics after working 2 years for Exxon Exploration Company. He decided to go back school and to get his 2nd master’s degree in Economics. Since joined Shell, he had worked as business analyst (CBAP certified by IIBA) and senior economist mainly supporting GoM deepwater exploration. Currently, he is a member of SDP-Houston and PHI (Petroleum History Institute). He believes that Decision Analysis makes people smarter but History makes people wiser.