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SmartBid™ Competitive Bidding and Lease Software for the Gulf of Mexico

SmartZoft Decision Tools develops and helps implement decision analysis-based software for the oil and gas industry. The SmartBid™ competitive bidding software for the Gulf of Mexico, released in 2009, is designed to save E&P companies millions of dollars in bonus bids and increase the likelihood of winning blocks of interest.

Combining historical bidding data and a state-of-the-art decision analysis model, the SmartBid™ software application is an invaluable aid to operators participating in Gulf of Mexico lease sales.

The SmartBid™ software was developed to meet the needs of exploration and development decision-makers who recognize that bid outcomes can be highly uncertain. By explicitly linking historical bidding behavior and a forward-looking decision analysis model, bid decisions are dramatically improved by increasing the chance of winning and avoiding the ubiquitous overbid or winner's curse that costs operators millions of dollars in overbidding.

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Offshore Bidding Model Enhances Performance
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Offshore Magazine: Jan. 2011
Volume 71, Issue 1