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The AAPG/Datapages Combined Publications Database
Environmental Geosciences (DEG)
Abstract
Working Interest Optimization in the Transport and Burial of Hazardous Wastes
Evan K. Paleologos 1and
Ian Lerche 2
1 Department of Geological Sciences, University of South Carolina, Columbia, SC 29208
2 Department of Geological Sciences, University of South Carolina, Columbia, SC 29208
Evan K. Paleologos received his Ph.D. in 1994 from the Department of
Hydrology and Water Resources, the University of Arizona, and is
currently an assistant professor in the Department of Geological
Sciences at the University of South Carolina, Columbia. He specializes
in physical aspects of flow and contaminant transport in porous media
and in risk-assessment and decision-making issues of environmental
projects. He is the recipient of several national and international
grants and awards.
Ian Lerche is a professor in the Department of Geological Sciences at
the University of South Carolina, Columbia. He specializes in physical
and economic aspects of gas and oil exploration projects and has
coauthored >14 books on these topics. He is the recipient of several
national and international grants and awards that include the Levorsen
award from the American Association of Petroleum Geologists, the 1991
Nordic Professor of Petroleum Geology award, and the 1996–1997 French
Academy of Science Professor of Geology award. Dr. Lerche has led
several international teams in basin characterization and modeling
efforts.
Abstract
The present study illustrates how such decisions can be madedependent on a level of tolerance to risk and subject to theestimated probabilities of success and failure (spillage and/orleakage), together with the associated costs of various probableevents. Exponential and parabolic utility models are employedto demonstrate how decision makers can evaluate a project andassess, for a given contract price, whether involvement in theproject is warranted, what fraction of a contract maximizesthe return to a company, what is the range of financially viableworking interests, and how acceptance of a project, under uncertainconditions and with variable potential expenditures, could influencecorporate profits.
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