Using PC's and Monte Carlo Simulation To Assess Risk in Workover Evaluations

Name: Work Video:
Duration: 3 min 30 s
Description: Summary Implementing Monte Carlo methods on a PC can significantly improve risk assessment in the evaluation of workover opportunities. Monte Carlo simulation is a probabilistic method that allows the evaluator to consider an entire range of potential outcomes. This paper presents a method for implementing Monte Carlo methods in a PC environment to evaluate workover opportunities.
Michael Wiggins; Xu Zhang
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