New methodology for AFE estimate and risk assessment: Reducing drilling risk in an Iranian onshore field

Mohammad Akbari, Reza Rostami Ravari, Mahmood Amani

Research output: Chapter in Book/Report/Conference proceedingConference contribution

1 Citation (Scopus)

Abstract

Because of inherent uncertainties in drilling, evaluation and estimation of well drilling time and cost are preferred to be done on the basis of probabilistic methods. The purpose of this paper is to present a new methodology for developing an AFE generating model, using a specific Iranian onshore oil field development case study to illustrate the technique. The model utilizes risk analysis and incorporates Monte Carlo simulation in conjunction with statistical analysis of historical drilling data to generate more accurate risked AFE estimates. In addition to general methodology, ROWC (rate of well completion) is introduced. The results of interpretation and statistical analysis are presented as well.

Original languageEnglish
Title of host publicationSociety of Petroleum Engineers - Digital Energy Conference and Exhibition 2007 - Bytes and Barrels: An Energy Renaissance
Pages245-249
Number of pages5
Publication statusPublished - 2007
Externally publishedYes
EventSociety of Petroleum Engineers - Digital Energy Conference and Exhibition 2007 - Bytes and Barrels: An Energy Renaissance - Houston, TX, United States
Duration: 11 Apr 200712 Apr 2007

Other

OtherSociety of Petroleum Engineers - Digital Energy Conference and Exhibition 2007 - Bytes and Barrels: An Energy Renaissance
CountryUnited States
CityHouston, TX
Period11/4/0712/4/07

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ASJC Scopus subject areas

  • Computer Science(all)
  • Energy Engineering and Power Technology
  • Fuel Technology

Cite this

Akbari, M., Ravari, R. R., & Amani, M. (2007). New methodology for AFE estimate and risk assessment: Reducing drilling risk in an Iranian onshore field. In Society of Petroleum Engineers - Digital Energy Conference and Exhibition 2007 - Bytes and Barrels: An Energy Renaissance (pp. 245-249)