Fit for Purpose Reservoir Modeling
Graduate Research Assistant: Harpreet Singh
Principal Investigator: Larry Lake
The objective of this work is to develop integrated decision and risk analysis, involving reservoir modeling (static and flow) starting from well or seismic data and applying economic analysis procedure using Real Options Valuation.
This work involves devleoping an appropriate modeling strategy of the subsurface to analyze the risk at different stages of reservoir development, such as well placement, optimal injection/production rate. We explore the level of detail and complexity necessary in reservoir models for making different types of exploration and development decisions. This may include how the details of the geological model and the flow model impact the decision-making. We also estimate the value of information in uncertainty modeling of reservoir development using Real Options. For example, we compare the value of drilling an exploratory well or acquiring seismic data for a base case of five production wells.