A mathematical model of an oil and gas field development process

A mathematical model of the development of an oil and gas field is presented. The field development process is treated as sequential in nature. Completion of a well and its production are considered to be random processes. The model uses results from renewal theory where the completion of a well and failure to produce economical amount of oil or gas are analogous to the failure of a component. In principle, the theory described can give the complete probability distribution associated with a field development. Explicit expressions are given for the expected value and variance of the number of completed wells.

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