An application of AHP and fuzzy entropy-TOPSIS methods to optimize upstream petroleum investment in representative African basins.

Cui, Zhihua; Taiwo, Olusoji Lawrence; Aaron, Peace Mawo

Abstract

The growing demand of China for petroleum heightens the complexities and prospects in worldwide investments, necessitating refined and strategic investment approaches. Evaluating the potential of different hydrocarbon-potential areas needs more comprehensive scientific evaluation models. This study aims to establish a Comprehensive Investment Potential of Petroleum (CIPP) framework for targeted sedimentary basins by using an integrated approach that combines the Analytic Hierarchy Process (AHP) and the Entropy-Weighted Fuzzy TOPSIS models. We focus particularly on representative African basins to inform strategic decision-making for the Chinese overseas petroleum enterprises. We firstly interpret the geological condition of these petroleum basins by researching multiple databases and proprietary research data. Then, we use a combined approach of ranking-classification-correlation analysis to evaluate 17 representative basins, taking into account both overall and individual key performance indicators. Our findings suggest the Illizi Basin and the Offshore Côte d'Ivoire Basin could be the most favorable for investment and development. Those like Southwest African Basin warrant cautious consideration. The new evaluation model and computational workflow offer an effective workflow for assessing multiple petroleum basins. This work provides not just practical investment strategies for companies aiming for African petroleum basins, but also a transferable methodology for optimizing investment decisions. [Abstract copyright: © 2024. The Author(s).]

Citation

Cui, Z., Taiwo, O. L., & Aaron, P. M. (2024). An application of AHP and fuzzy entropy-TOPSIS methods to optimize upstream petroleum investment in representative African basins. Scientific Reports, 14(1), Article 6956. https://doi.org/10.1038/s41598-024-57445-9

• Journal Article Type: Article
• Acceptance Date: Mar 18, 2024
• Online Publication Date: Mar 23, 2024
• Publication Date: Mar 23, 2024
• Deposit Date: Apr 16, 2024
• Publicly Available Date: Apr 16, 2024
• Journal: Scientific reports
• Electronic ISSN: 2045-2322
• Publisher: Nature Research
• Peer Reviewed: Peer Reviewed
• Volume: 14
• Issue: 1
• Article Number: 6956
• DOI: https://doi.org/10.1038/s41598-024-57445-9
• Keywords: Investment assessment, Fuzzy entropy-TOPSIS, Analytic hierarchy process, Upstream petroleum investment, African petroleum basins
• Public URL: https://durham-repository.worktribe.com/output/2383554