Handling Multiple Realizations in a Long-Term Production Forecast

A hydrocarbon bearing formation represents a classic example of a system where uncertainty is incorporated into the reservoir data, Quality and quantity of data at early stages of field evaluation and development planning is not sufficient for an adequate application of statistical analysis. Uncertainty in reservoir characterization makes an overall estimation of resources and reserves more subjective and, therefore, less reliable. Attempts to handle uncertainties by conventional methods (for example, by running multiple realizations, sensitivity analysis, etc.) in a scattered environment require considerable resources.