Dynamic pricing mechanism for multi-agent based system of well scheduling

Research output: Chapter in Book/Report/Conference proceedingPublished Conference contributionpeer-review

4 Citations (Scopus)

Abstract

Well scheduling is a complex business process which includes the tasks of planning and execution of locating land, constructing, drilling, completing, and tie-in of a well. In our previous work, a multi-agent based framework was proposed to automate well scheduling, where a challenge was to automate the estimation of the price for the tasks that the oil and gas industries may pay and the service providers may accept while gaining economic efficiencies. In this paper, we propose a mechanism to automate this negotiation process. When a new well is added, a scheduling agent (SA) releases the tasks in bundles, and a set of service provider agents (SPAs) bid on the bundles to achieve them. For bundle creation, combinatorial auction is used by the SA, whereas for bid forecasting, a time-series analysis of the historical data is performed by the SPAs using auto regression. The results are discussed to ensure wide acceptance of this mechanism in well scheduling.

Original languageEnglish
Title of host publication2016 5th International Conference on Informatics, Electronics and Vision, ICIEV 2016
Pages1104-1108
Number of pages5
ISBN (Electronic)9781509012695
DOIs
Publication statusPublished - 28 Nov. 2016
Event5th International Conference on Informatics, Electronics and Vision, ICIEV 2016 - Dhaka, Bangladesh
Duration: 13 May 201614 May 2016

Publication series

Name2016 5th International Conference on Informatics, Electronics and Vision, ICIEV 2016

Conference

Conference5th International Conference on Informatics, Electronics and Vision, ICIEV 2016
Country/TerritoryBangladesh
CityDhaka
Period13/05/1614/05/16

Keywords

  • bid-forcasting
  • bidding strategies
  • combinatorial auctions
  • e-marketplace
  • multi-agent systems
  • well scheduling

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