Asset evaluation embraces the integrated analysis of a hydrocarbon-bearing field, and the identification of suitable strategies for its future development, to add incremental value for the investor(s). Optimizing the evaluation process under uncertainty is important particularly in unconventional reservoirs, which hold large quantities of oil and gas resources but also exhibit large degrees of uncertainty. This paper describes a comprehensive optimization-under-uncertainty work flow that combines a simulation-based approach with semiautomatic work flows and high-speed computers to facilitate the process of decision-making for investors, using data from the Vaca Muerta Formation in Argentina as an example.
Introduction
An asset evaluation depends on many input parameters, some of which are partially known, partly analyzed, or unavailable. Yet a go/no-go decision must be made, frequently within short time frames, because of competition, changing conditions, or the chance to take advantage of the business opportunity. The decision usually is based on preliminary assumptions and a conscientious analysis of several possible outcomes.
