Probability of an oilfield discovery
Input(s)
\(K_{i}\): Number of Fields Discovered up to date in Selected Field Class (dimensionless)
\(K_{o i}\): Estimated Total Number of Fields in Selected Field Class in the Region (dimensionless)
\(A_{i}\): Total Area of Discovered Fields in Selected Field Class (acres)
\(W\): Number of Exploration Wells Drilled up to date (dimensionless)
B: Total Area of the Region (acres)
\(J\): Relative Efficiency of Scientific Exploration compared with Random Drilling (dimensionless)
\(K_{i \_a d d}\): Number of Fields will be discovered with additional number of Exploration Wells (dimensionless)
\(W_{\text {add }}\): Additional Number of Exploration Wells will be Drilled (dimensionless)
Output(s)
\(P_{D}\): Probability of an Oilfield Discovery (fraction)
Formula(s)
Note: All Formulas need to be applied in each Field Class separately.
Reference(s)
Serpen, U., Petroleum Economics, Course Notes, ITU Petroleum and Natural Gas Engineering, Istanbul, Turkey, (2008) Page: 79.