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