1. A method for selecting an engineering design scenario for a potential asset target by total asset modeling, which comprises: generating a list of potential conceptual engineering design scenarios for the potential asset target; associating a unique type model with each potential conceptual engineering design scenario wherein, wherein each type model includes one or more economic variables and one or more technical variables; updating each type model using a computer processor by at least one of adjusting each technical variable and each economic variable for the respective type model according to currently available economic data and technical data that is related to a respective adjusted variable and adding at least one of one or more economic variables and one or more technical variables to the respective type model according to the currently available economic data and technical data that is related to a respective added variable; refining each updated type model by adjusting each technical variable and each economic variable for the respective updated type model according to a technical feasibility analysis for the respective potential conceptual engineering design scenario that is related to a respective adjusted variable; identifying one or more potential conceptual engineering design scenarios that are technically feasible and economical according to the respective technical feasibility analysis and a respective ranked net present value, wherein each identified potential conceptual engineering design scenario represents a technically feasible, economical scenario; re-updating each refined type model associated with a respective technically feasible, economical scenario by at least one of adjusting each technical variable and each economic variable for the respective refined type model according to any additional economic data and technical data that is related to a respective adjusted variable and adding at least one of one or more economic variables and one or more technical variables to the respective refined type model according to any additional economic data and technical data that is related to a respective added variable; updating each ranked net present value for the respective technically feasible, economical scenario; and selecting a best profitable engineering design scenario from the technically feasible, economical scenarios based on at least one of the respective updated net present value and a respective acceptable project bid from a contractor that includes a project timeline estimate for developing components required to produce at least one of oil and gas from the potential asset target.