Petroleum evaluations and economic decisions

Abstract

Within the past fifteen years, new ways have been recognized for handling uncertainty. Appraisal methods for new drilling or development ventures and other high-risk uncertain ventures are the subject of this book. Historically appraisals have been limited to consideration of definite values. Even the exploratory well was given a definite success ratio and a precise reward if successful. However in many cases it was not so much that variations between estimates and actual results were unexpected rather there was no way of handling or combining estimates which included variance.

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