Geological Uncertainty Quantification: A Futile Attempt in the Absence of a Decision Context

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

In most extractive industries, understanding geological uncertainty is key to making good decisions. In addition, the decisions should serve our goal of extracting economical amounts of resources. With this description, building the most realistic geological model should not be the goal. Instead, our goal should be to build models that support good extraction decisions. Yet, we rarely discuss the link between uncertainty models and their usefulness. We devote substantial efforts to gathering information and building sophisticated subsurface models but significantly less to exploring their economics and usefulness. If, for example, we make the same petroleum drilling decision irrespective of the granularity of the uncertainty model, then the time and effort spent on developing such sophisticated models have been in vain.
Original languageEnglish
Title of host publication Conference Proceedings, 82nd EAGE Annual Conference & Exhibition Workshop Programme, Dec 2020
Pages1-3
DOIs
Publication statusPublished - 8 Dec 2020
Event82nd EAGE Annual Conference & Exhibition 2020 - Amsterdam, Netherlands
Duration: 8 Dec 202011 Dec 2020

Conference

Conference82nd EAGE Annual Conference & Exhibition 2020
CountryNetherlands
CityAmsterdam
Period8/12/2011/12/20

Keywords

  • uncertainty quantification
  • Decision analysis
  • Petroleum Exploration

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