Speaker
Description
Company managers focus on implementing strategies to enhance productive and operational efficiency while controlling costs to mitigate the risk of failure. Petroleum plays a vital role in national strategic security and economic development. After decades of exploitation, oilfields have progressed into the later development stage, presenting challenges such as increased difficulty in crude oil extraction, declining output, increased water content, and aging equipment. During periods of low international oil prices, oilfields experience significantly reduced profits, making it imperative for enterprises to enhance cost management and optimize input-output efficiency. This strategy is crucial for improving their international competitiveness and reducing bankruptcy risk. This study applies a novel DEA-equivalent MOLP model to evaluate the relative cost efficiency of oil wells using multiple variables. An interactive MOLP model is then used to set cost reduction targets, considering the decision maker’s preferences. It contributes to validating the DEA-based IMOLP model in real-world scenarios. Moreover, the oilfield efficiency analysis is conducted at the daily oil production unit level and the data collection is in line with the relevant cost decision-making.
| Keywords | Data Envelopment Analysis (DEA); Multiple Objective Linear Programming (MOLP); minimax reference point model; interactive MOLP; relative efficiency analysis; cost and management accounting; oilfield cost efficiency; production management control and planning. |
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| Participation in the SNSF Early-Stage Researcher Support and Award Scheme | I am submitting a poster; I understand that poster submissions are automatically included in the scheme. |