Risk Assessment, A Geostatistics Perspective
The use of Geostatistics is now common practice in the E&P industry, demonstrating significant progression from more traditional deterministic methods where decision-making was based on a single “representative” static model.
Generating multiple realisations of the reservoir allows capture and quantification of in-place and recoverable volume risks that are associated with various subsurface uncertainties.
The range in reservoir realisations is generated using kriging and geostatistical conditional simulation, techniques that consider the numerous solutions of petrophysical properties at unsampled locations away from drilled wells.
The author will present an introduction to geostatistical conditional simulation methods, its relationship with kriging and its application to risk assessment in the E&P industry