Quantification of Geological Risk

Taught in both a two (2) and three (3) day format, this course focuses on the concepts and principles of statistics as it applies to the petroleum system, estimation under uncertainty, EUR assessment given success, and chance of success for prospects. In the three-day format, an integrated team exercise is available, as well as sections on performance tracking and value of information.

Course Description

01. Introduction

02. Statistics

03. Dealing with Uncertainty

04. Estimating Ultimate Recovery

05. Chance of Success and Expected Value

06. RMAG Exercise Introduction

07. RMAG Solution

08. Value of Information

09. Play Analysis

10. Portfolio Analysis (focusing on the exercise insights about tradeoffs)

11. Performance Tracking

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