Study of Oilfield Development Cost Market Index Modeling Based on Big Data

Abstract

Due to recent oil price fluctuations, oil companies have optimized assets and promoted joint ventures, leading to a need for fast, accurate oilfield asset evaluation, including development and growth costs. Oilfield development costs are dynamically influenced by internal and macroeconomic factors. Using big data analysis with a eviews economic analysis software owned by IHS (E-VIEW), a model was developed to analyze cost influencers. Research on nine main factors showed strong scientific correlations, linking expansion costs with market indexes. This provides technical support for more efficient and accurate cost estimations and predictions of oilfield assets.