Use of Simple Stochastic Models for North Sea Field-Development Decisions

The full-length paper details the stochastic model that was built to support decisions in the early phases of development of the Alvheim field. The model made it possible to explore important upside potential in geophysical evaluations and determine if and in what sequence additional wells should be drilled. An improved understanding of the value of different drilling strategies was gained by studying distributions for in-place oil and gas volumes for various scenarios.