Even though risk analysis has tremendous potential to be applied on various aspects of common problems in petroleum engineering, its use is not as widespread as it could be. This work presents some practical applications recent developed covering areas of well engineering, production and reservoir. The reason for presenting examples of such diverse areas is to emphasize the broad range of applications that are available. Emphasis of the paper will not be on the petroleum engineering aspects of the examples, but instead on the methodology used to incorporate risk analysis technique on practical problems faced by the industry.

Examples presented are either from actual industry applications or academic applications developed just to explore the possibilities of using decisions analysis for certain petroleum engineering issues.

Keywords:
risk management, risk assessment, recent development, risk and uncertainty assessment, Upstream Oil & Gas, variation, enhanced recovery, steam-assisted gravity drainage, Simulation, thermal method
Subjects:
Reservoir Characterization, Improved and Enhanced Recovery, Reservoir Simulation, Formation Evaluation & Management, Unconventional and Complex Reservoirs, Asset and Portfolio Management, Risk Management and Decision-Making, Waterflooding, Thermal methods, Oil sand, oil shale, bitumen
Copyright 2007, Society of Petroleum Engineers
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