A Novel Approach Tom Uncertainty Quantification & Risk Assessment In Petroleum Reservoir Developments
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The main prize sought by this project is improved economic recovery of the UK's oil and gas resources, by developing and deploying software which will improve both BP's and the wider UK oil industry's ability to manage uncertainty and risk in field development and operation. This will be accomplished by integrating the following elements: 1) Domain-specialist expertise from BP, a major oil company, with its own leading uncertainty assessment technology, Top-Down Reservoir Modelling (TDRM™). 2) Recent specific advances and expertise in optimisation and machine learning from the School of Mathematical and Computational Sciences at Heriot-Watt 3) Uncertainty quantification expertise from Petroleum Engineering at Heriot Watt and route to market through its spin-out company Epistemy. The critical success factor for this project will be an intense and time-limited collaboration, in the same geography, between a major operator (BP) and a University (Heriot-Watt and its spin-out company Epistemy), focused on development and application of state of the art methods to real business problems. The technology will be field-tested by deployment within BP's portfolio using their pre-existing TDRM™ framework.
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