Rike Service, Inc.  

 Practical Petroleum Training

 
 

 

 

 

  

Quantifying Uncertainties in Field Development

(5 days)

For: Managers, engineers and geologists responsible for field development

This course teaches how to handle uncertainties and how to handle statistics that define uncertainties. You learn to evaluate multiple uncertainties and reach profit-making conclusions.

Major Topics Covered:

  • What is Uncertainty?

  • Sources of Uncertainty

  • Estimates Before the Fact vs. Measurements After the Fact

  • Statistical Tools

  • Probability Distributions

  • Weibull Distribution

  • Power Law Distribution

  • Probability Plotting

  • Quantitative Conclusions About Uncertainties

  • Probability Graphs

  • Sensitivity Analysis

  • Decision Trees

  • Monte Carlo (or Probabilistic) Analyses

  • Keeping Uncertainty Studies Within Practical Bounds