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The AAPG/Datapages Combined Publications Database

AAPG Bulletin


Volume: 54 (1970)

Issue: 5. (May)

First Page: 862

Last Page: 863

Title: Evaluation of Petroleum Prospects Under Conditions of Uncertainty: ABSTRACT

Author(s): Richard B. Oldaker

Article Type: Meeting abstract


Recent advances in computer technology have made practical the use of well-established methods for evaluating the consequences of uncertainty. Because of the complex and intricate process of translating exploration data into economic terms, these methods promise to be of great benefit to the managements of companies in the minerals industry. In addition to providing a means for evaluating risk or probability of financial loss, the methods provide information to aid in evaluating the importance of specific variables with respect to desired answers. As a means of communication they provide the mechanism whereby the qualifications

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placed on the basic data by professional specialists can be properly weighed and represented in the derivation of the final decision variable.

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Copyright 1997 American Association of Petroleum Geologists