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    Hydrocarbon Resource Evaluation: Risk, Volumetric and Economic Assessment Methodology: A Case Study in the Norwegian Barents Sea

    Access Status
    Fulltext not available
    Authors
    Ben-Awuah, Joel
    Andriamihaja, S.
    Ali, A.
    Date
    2013
    Collection
    • Curtin Research Publications
    Type
    Journal Article
    Metadata
    Show full item record
    Abstract

    The petroleum exploration industry is cost intensive and requires detailed risk and economic evaluation of prospective areas to promote adequate investment. The objective of this study is to demonstrate the methodology (workflow) involved in assessing the potential profitability of a prospect using the GeoX software. The Nordkapp Basin of Norwegian section of the Barents Sea was used as a case study. The three stage evaluation approach applied in this study comprises risk evaluation of petroleum system elements, estimation of hydrocarbon volume and economic assessment of forecasted revenues from the sale of oil and gas. The results showed that geologic risk evaluation is an important input for volumetric estimates, which in turn is one of the main input parameters of the economic assessment. In addition, all three stages of the evaluation need to be carried out for an effective decision to be made on whether to drill a prospect.

    Citation
    Ben-Awuah, J. and Andriamihaja, S. and Ali, A. 2013. Hydrocarbon Resource Evaluation: Risk, Volumetric and Economic Assessment Methodology: A Case Study in the Norwegian Barents Sea. International Journal of Petroleum Science and Engineering. 1 (4): pp. 326-342.
    Source Title
    International Journal of Petroleum Science and Engineering
    URI
    http://hdl.handle.net/20.500.11937/59247
    Department
    Curtin Malaysia

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