Most investments in the oil and gas industry involve considerable risk with a wide range of potential outcomes for a particular project. However, many economic evaluations are based on the &ldquo / most likely&rdquo / results of variables that could be expected without sufficient consideration given to other possible outcomes and it is well known that initial estimates of all these variables have uncertainty. The data is usually obtained during drilling of the initial oil well and the sources are geophysical (seismic surveys) for formation depths and areal extent of the reservoir trap, well logs for formation tops and bottoms, formation porosity, water saturation and possible permeable strata, core analysis for porosity and saturation data and DST (Drill-Stem Test) for possible oil production rates and samples for PVT (Pressure Volume Temperature) analysis to obtain FVF (Formation Volume Factor) and others. The question is how certain are the values of these variables and what is the probability of these values to occur in the reservoir to evaluate the possible risks. One of the most highly appreciable applications of the risk assessment is the estimation of volumetric reserves of hydrocarbon reservoirs. Monte Carlo and moment technique consider entire ranges of the variables of Original Oil in Place (OOIP) formula rather than deterministic figures. In the present work, predictions were made about how statistical distribution and descriptive statistics of porosity, thickness, area, water saturation, recovery factor, and oil formation volume factor affect the simulated OOIP values. The current work presents the case of two different oil fields in Turkey. It was found that both techniques produce similar results for 95%. The difference between estimated values increases as the percentages decrease from 50% and 5% probability.
| Identifer | oai:union.ndltd.org:METU/oai:etd.lib.metu.edu.tr:http://etd.lib.metu.edu.tr/upload/1091495/index.pdf |
| Date | 01 January 2004 |
| Creators | Kaya, Egemen Tangut |
| Contributors | Kok, Mustafa Versan |
| Publisher | METU |
| Source Sets | Middle East Technical Univ. |
| Language | English |
| Detected Language | English |
| Type | M.S. Thesis |
| Format | text/pdf |
| Rights | To liberate the content for public access |
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