Generally, today's oil and gas projects are complex, high-risk, multidisciplinary ventures that require careful planning and precise implementation. A large number of interrelated factors and unforeseen (operational, technical and/or financial) events determine a drilling, completion, or work-over project's economic feasibility and ultimate success. Fundamental to the success of all project management is extensive economic modeling and risk analysis, since economic drivers and operational methods are developed from these processes.

This paper will discuss the development of a new analytical technique that will systematically and intuitively overcome the hurdles mentioned previously while not compromising result sophistication. A variety of underbalanced drilling examples will illustrate its efficiency. This method will allow the end user, whether novice or expert, to quickly and effectively assess economic feasibility and risks.

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