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

Abstract

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.

Keywords

• Investment assessment
• Upstream petroleum investment
• African petroleum basins
• Analytic hierarchy process
• Fuzzy entropy-TOPSIS