Variance Simulation: A Practical Alternative to Monte-Carlo Simulation and Sensitivity Analysis
The technique of variance simulation is presented as an alternative to Monte Carlo simulation for the practical petroleum reservoir evaluation. It provides a measure of simultaneous sensitivity of the output to the combined effect of all the uncertainties and the rate at which the sensitivity changes with increasing uncertainty in the data. The method is demonstrated by illustrating the effect on payout and economic limit of decline data containing quantifiable uncertainty.
W. S. Tortike and S. Frimpong, "Variance Simulation: A Practical Alternative to Monte-Carlo Simulation and Sensitivity Analysis," Proceedings - Petroleum Computer Conference, Society of Petroleum Engineers (SPE), Jan 1994.
The definitive version is available at http://dx.doi.org/10.2118/28251-MS
Petroleum Computer Conference
Mining and Nuclear Engineering
Article - Conference proceedings
© 1994 Society of Petroleum Engineers (SPE), All rights reserved.