Advances in Search Theory with Application to Petroleum Exploration

摘要

The research is addressed to the application of search theory to problems in petroleum exploration. The primary focus is on the development of methods for estimating the probability of success in oil drilling ventures. Two methods have been formulated for estimating probability of success. The first is a Bayesian approach which is appropriate when suitable stochastic models can be formulated for representing the oil bearing reservoirs and subsurface trapping structures. The research has developed practical numerical procedures for updating the stochastic models to account for new information obtained from geophysical surveys or from additional wells drilled in the area of interest. The second approach is based upon belief functions and provides an alternative way of using subjective information and empirical data to predict the location of oil reservoirs.