With current pressured market condition, understanding the uncertainties and risks associated with a particular project is crucial when an investment decision have to be taken.
Uncertainty
is a state of having limited knowledge of current conditions or future
outcomes. It is a major component of risk, which involves the likelihood and
scale of negative consequences, in order to minimize the risk that managers’ decisions
will lead to undesired outcomes a well-supported decision frame have to be
placed, using all possible resources and techniques including stochastic assessments
base on simulation models.
This
white paper describe a proved methodology used to evaluate and quantify
subsurface uncertainty in a reservoir model used as basis for decision making.
Author:
Jesus Aponte
Reservoir Engineering Consultant at
Primera Reservoir LTD
Strong focus on decision making and uncertainty analysis combined with advanced, state of the art and complex workflows.
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