Applying Soft Computing to Estimation of Resources' Price in Oil and Gas Industry

The oil and gas industry is highly risky capital-intensive field of business. Many companies are working hard to perform projects on a global scale in order to get, produce and deliver their final products. No matter the economic conditions, it is vital for organizations to efficiently manage their capitals projects, which facilitates to control expenditure, handle priorities and mineral resources, and make assets productive as quickly as possible. It is also critical to efficiently and safely maintain and improve these assets. Probably the most volatile item of the project cost in oil and gas industry is the market price of resources or assets. Both sides (stakeholders) seek for efficient profitable price for selling and buying final product. This paper provides the description of application developed for fair oil price estimation using Fuzzy Sets and Logic approach of Soft Computing and FRIL inference language with its environment installed on UNIX virtual machine.