SmartBid™ Competitive Bidding and Lease Software for the Gulf of Mexico
- Easy-to-view competitive analysis of bidding actions and results
- Proprietary predictive model provides likelihood of bid activity on blocks of interest
- Proprietary model provides a robust estimate of competing bid amounts
- Decision analysis model includes probability of winning and an optimal bid recommendation
- Map-view presentation of all well, platform, lease ownership and bidding data
- Easy integration with G&G efforts, analyze bids based on similar geologic features
- State-of-the-art approach to bid setting improves overall E&P performance
SmartZoft Decision Tools develops and helps
implement decision analysis-based software for the oil and gas industry.
The SmartBid™ competitive bidding software for the Gulf of Mexico,
released in 2009, is designed to save E&P companies millions of
dollars in bonus bids and increase the likelihood of winning blocks of
interest.
Combining historical bidding data and a
state-of-the-art decision analysis model, the SmartBid™ software
application is an invaluable aid to operators participating in Gulf of
Mexico lease sales.
The SmartBid™ software was developed to meet
the needs of exploration and development decision-makers who recognize
that bid outcomes can be highly uncertain. By explicitly linking
historical bidding behavior and a forward-looking decision analysis
model, bid decisions are dramatically improved by increasing the chance
of winning and avoiding the ubiquitous overbid or winner's curse that costs operators millions of dollars in overbidding.
