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A Stochastic Model for Determining the Economic Prospects of Petroleum Exploration Over Large Regions
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1970
Year
Large RegionsPetroleum ReservoirsEngineeringEnvironmental EconomicsMathematical StatisticReservoir EngineeringPetroleum ReservoirEnergy TradeStochastic ModelSpatial OccurrenceStatisticsEconomic ProspectsEconomicsGeographyPoisson ProcessProbability TheoryFinanceReservoir ModelingStochastic ModelingTight OilDynamic Economic ModelBusinessNatural Resource EconomicsPetroleum Engineering
Abstract It is hypothesized that the spatial occurrence of petroleum reservoirs can be represented by a Poisson process and that the sizes of the individual reservoirs are lognormally distributed. The total petroleum reserves occurring in any unit of space of arbitrary size within a region can thus be represented as a sum of lognormal random variables where the number in the sum is determined by a Poisson process. These hypotheses are tested, and a sampling experiment is conducted to demonstrate the estimation procedure.