Derisking Superhot Geothermal Plays with Value of Information: Utilizing Play Fairway Analysis, Geophysics and Technoeconomics

Abstract

This paper describes a methodology for evaluating how the play fairways analysis (e.g., favorability) can improve our chances of making geothermal development decisions. We make statistical resource assessments and couple them with technoeconomic analysis utilizing previous favorability work performed for the Newberry Volcano. We demonstrate how the favorability can be used in a decision analysis framework because the Newberry favorability also estimated an associated uncertainty. The specific decision considered is how large of a power plant to build, which is difficult given the uncertainty about the resource size. Our results focus on two resource types, hydrothermal and enhanced geothermal systems, and they demonstrate how estimates of the minimum, most likely, and maximum estimates of the geothermal resource (denoted as the P10, P50, and P90, respectively) can be used in a decision analysis framework. Lastly, the value of information results explore using favorability with and without the magnetotelluric and gravity data from the Newberry Volcano. As expected, the favorability is more reliable, according to our methodology, at indicating the resource size when it includes the two geophysical models.