Published December 2021, Pg. 49-53

Section: Economy, management and law

UOT: 338.49:620.9

DOI: 10.37474/0365-8554/2021-12-49-53

Prediction of oil-gas production using Cobb-Douglas model

V.J. Akhundov PhD in Economics - Azerbaijan State University of Oil and Industry

As the classic methods do not consider such concepts as uncertainty, fuzziness or inaccuracy, they cannot predict appropriately the probable outcome during economic events, characteristics and estimations.

 The study reviews the issue of prediction of production capacity in the site of oil-gas development. The major purpose of the paper is to define fuzzy costs of  final product in the oil-gas producing enterprises using the theory of fuzzy set. To obtain good results in presented study, all risks in the oil-gas producing enterprises are evaluated both in a whole and by separate components. Furthermore, probable results are analyzed and best solution suggested. Due to the variety and great amount of effects on the oil-gas sphere, the issue of prediction of final product is solved using fuzzy Cobb-Douglas model.

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