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The concept of using simulations to estimate variability and risk has evolved in acceptance and popularity over my career. An understanding of the concepts involved is so fundamental for reservoir engineers that I have chose to illustrate those concepts very simply. A number of excellent references are given for further study. Commercial software is available that can […]

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Read & Discuss (1 Comment)

The application of Monte Carlo simulations is one of the most important tools that reservoir engineers can master in the field of modern risk analysis. Nearly all business decisions are made under conditions of uncertainty. Decision making under uncertainty implies that adequate information for assuring the right decision is lacking and two or more outcomes […]

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