Open-Source Value of Information App: Insight From Three Geothermal Case Studies

An open-source VOI (value of information) app that models binary decisions (e.g. do something (drill) or walk away (do nothing)) and binary geothermal scenarios (positive or negative) has been utilized in three industry case studies. Users can input their anticipated economic values (profits or losses) directly into the value matrix to represent all four combinations of these actions and geothermal possibilities. The users of the app can test the sensitivity to the prior probability of geothermal success both in the demo problem and in the VOI problem. The VOI app allows users to upload their own labeled data to evaluate how well it allows them to distinguish between positive (geothermal exists) versus negative (absence of geothermal) sites. We present three industry case studies from diverse use cases (hidden hydrothermal, enhanced geothermal systems, and district heating) and their respective data types (stress information, temperature gradient, and magnetotellurics).