Use of Simple Stochastic Models for North Sea Field-Development Decisions

The full-length paper details the stochastic model that was built to support decisions in the early phases of development of the Alvheim field. The model made it possible to explore important upside potential in geophysical evaluations and determine if and in what sequence additional wells should be drilled. An improved understanding of the value of different drilling strategies was gained by studying distributions for in-place oil and gas volumes for various scenarios.

Synopsis of SPE 97177 (445K)

This article, written by Assistant Technology Editor Karen Bybee, contains highlights of paper SPE 97177, "From Geological Knowledge to Good Decisions Using Simple Stochastic Models, A North Sea Case Study," by K. Hollund, SPE, R. Hauge, SPE, and A.R. Syversveen, Norwegian Computing Center, and A. Jørstad, T. Lie, SPE, and H.C. Rønnevik, Lundin Norway A/S, prepared for the 2005 SPE Annual Technical Conference and Exhibition, Dallas, 9-12 October.

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