Probabilistic Resources Evaluation

Reserves and Resources

• Reserves and resources classifications and definitions
• Probabilistic reserves techniques
• Class exercises

On the first day of the course, participants will learn reserves and resources classifications and definitions.  The course will also cover the probabilistic reserve techniques.  To ensure maximum retention of the information students will participate in several class exercises

Statistics and Probability 

• Statistics and probability
• Class exercises

The main focus of day two is the understanding of statistics and probability.  This day will also include class exercises to ensure that students gain the proper understanding of the material covered on this day.

Value and Probability Trees 

• Expected value and probability trees
• Class exercises

This day will focus on the expected value of a reservoir.  Participants will learn about probability trees on this day as well.  To ensure maximum retention of the information students will participate in several class exercises.

Monte Carlo Simulation 

• Monte Carlo simulation
• Application of Monte Carlo simulation to reserve estimation
• Class exercises

Day four of this course will focus on teaching students about the Monte Carlo simulation.  Each participant will learn how to apply the Monte Carlo simulation to reserve estimations.  During this day, class exercises will be used so that participants can see the function of the simulation.

Monte Carlo Simulation and Probabilistic Reserves in Other Countries

• Application of Monte Carlo simulation to reserves evaluation
• Probabilistic reserves in various countries
• Class exercises
• Final Exam

On the final day of the course, participants will finish the discussion of the Monte Carlo simulation and will move into the probabilistic reserves in various countries.  At the end of the day there will be a final exam to determine how much information each student has retained.