A half day (3 hours or so) workshop on Risk & Volume assessment, whereby the participants will be introduced to Risk & Volume assessment and actually do a risk assessment and volume calculation for an exploration prospect.
A half-day (3+ hours) workshop on Risk & Volume assessment for exploration.
Drilling an exploration wells in the search of new oil and gas fields is expensive: a well on land costs usually several million of dollars, and in the offshore several tens of millions of dollars. To justify such expenditure for drilling a new well on an exploration prospect, it is important that we assess the probability that the well will indeed find a new oil or gas field, and that we assess the volume of hydrocarbons that may be discovered.
In the workshop the participants will be introduced to the workflow that is used to assess the Probability of Success (POS) of exploration prospects, and their potential hydrocarbon volumes. The workshop includes several exercises, including an interactive group exercise assessing the POS and volumes of an exploration prospect.