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Chapter from:
AAPG Memoir 71 : Reservoir Characterization-Recent Advances
Edited by Richard A. Schatzinger and John F. Jordan
Copyright 1999 by The American Association of Petroleum Geologists. All rights reserved.
Memoir 71, Chapter 25: How Incorporating More Data Reduces Uncertainty in Recovery Predictions , by Fernando P. Campozana, Larry W. Lake, and Kamy Sepehrnoori , Pages 359 - 368

Chapter 25
How Incorporating More Data Reduces Uncertainty in Recovery Predictions

Fernando P. Campozana
Petrobras
Rio de Janeiro, Brazil

Larry W. Lake
Kamy Sepehrnoori
Center for Petroleum and Geosystems Engineering
The University of Texas at Austin
Austin, Texas, U.S.A.

ABSTRACT

From the discovery to the abandonment of a petroleum reservoir, there are many decisions that involve economic risks because of uncertainty in the production forecast. This uncertainty may be quantified by performing stochastic reservoir modeling (SRM); however, it is not practical to apply SRM to account for new data every time the model is updated.

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