A system, method and computer readable medium capable of improving theefficiency and accuracy of oilfield production forecasting operations isdescribed herein.Measured oilfield production data may be utilized to generate estimates forthe mean,covariance and noise. Refined estimates for the mean and the covariance may begenerated using a Bayesian probabilistic updating algorithm. The refinedestimates maybe utilized to generate an oilfield production forecast having a refinedexponential declinecurve associated with the measured production data and one or more uncertaintydesignations.
展开▼
