lukeprog comments on LessWrong help desk - free paper downloads and more - Less Wrong

36 Post author: jsalvatier 07 October 2012 11:45PM

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Comment author: lukeprog 23 November 2012 11:42:36PM 2 points [-]

Goode, P. (2002). Connecting with the reservoir. Australian Petroleum Production and Exploration Association Journal, 42(2).

According to Welsh et al. (2002), this paper estimates that "biases such as anchoring and overconfidence contribute to a US$30 billion/year loss in the oil and gas industry."

Comment author: VincentYu 28 November 2012 05:15:25PM *  1 point [-]

Here.

Unfortunately, the $30 billion/year loss is not explained and no citation is given:

Pivotal to improving recovery will be making better decisions throughout field life. Such decisions can only be based on having accurate and current information, from both wells and facilities. However, today’s experience with such data is a barrier. If gathered at all, data are usually incomplete and often remains unverified and, therefore, unused.

Experts estimate that, as an industry, we waste roughly 25%—or approximately US$30 billion—of our annual upstream expenditures.

Providing timely access to integrated, reliable, verified data, information and knowledge is crucial to the effective decision-making that will ensure optimal exploitation of an asset.

Our poor experience with using large volumes of data in our industry is slowing the uptake of new technology that can offer significant benefits. The barriers grow when we confront changing our established work processes aso that we can move to the necessary level of interdisciplinary integration.

Comment author: gwern 28 November 2012 06:48:18PM 2 points [-]

Experts estimate that, as an industry, we waste roughly 25%—or approximately US$30 billion—of our annual upstream expenditures.

One possible attack for a citation is, besides the obvious searches for those two figures or looking for related government reports/statistics, is looking for a McKinsey report on that industry written before then; they're widely read but not always cited, and they have industry-wide views because of their prestige and numerous clients.

Comment author: Larks 10 February 2013 03:18:06PM 0 points [-]

Another would be stock broker research, especially from one of the top research banks (Morgan Stanley, Merryl Lynch), though this'd probably be harder to get access to.

Comment author: VincentYu 24 November 2012 02:16:00PM 1 point [-]

Requested.

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