Decision analysis applications developed specifically to deal with uncertainties in various petroleum engineering issues have become increasingly popular. Specific applications can be developed to deal with uncertainties existent in well budgeting, special oilwell operations, reserve estimations, oilfield development, project economic feasibility, production forecast, etc.
This paper presents some details on the decision analysis methodology and give examples and results of recent applications developed including some related with drilling, production and reservoir management.
The applications developed are result of an academic research program that has been created to prepare graduate petroleum engineering students to deal with the main challenges related to economic and risk analysis faced by the oil industry. In the program, participants are encouraged to investigate solutions related to various petroleum engineering problems where uncertainty is present.