Method helps quantify benefits of applying new upstream technology

The value of new technology in the upstream oil & gas business is only realized through its application on assets. The "look-back" approach outlined in this article allows the assessment of conservative estimate of the realized benefits of new technology. This estimate can subsequently be compared with the costs of development or acquisition of new technology. Such an evaluation can be used to guide decisions on investment levels for development, testing, and implementation of new technology. It is also needed to convince partners and other stakeholders of the need for such investments, to demonstrate a track record, to monitor improvements over time, and for benchmarking. R...

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