Tony Reuben Pham

Navigating the Fog of Reservoir Uncertainties to Decision Makings with Advanced Mathematical Models in New Field Development

Reservoir development, most of the time coming at the heel of an exploration effort, faces enormous challenges in terms of uncertainties in all aspects of the event, especially with respect to the reservoir parameters. A survey by Bickel and Bratvold(1), highlighted the difficulty in the industry of making the connection from the uncertainty quantifications and analyses that are probabilistic to decisions that are deterministic. The survey also highlighted the observation that the decision making process has not improved in proportion with the industry’s capability pertaining to probability analyses.