Acceptable reliability level

Input(s)

$N$: Number of Exploration Wells (dimensionless)

$P_{(x)}$: Binomial Probability of Discovering $\mathrm{X}$ number of Fields with Total $\mathrm{N}$ number of Exploration Wells (fraction)

$P_{F}$: Probability of having $\mathrm{X}$ number of fields that averagely includes minimum $\mathrm{F}$ barrels of Oil (fraction)

Output(s)

$L_{\text {Rel }}$: Acceptable Reliability Level (dimensionless)

Formula(s)

$$ \mathrm{L}_{\mathrm{Rel}}=\sum_{\mathrm{X}=1}^{\mathrm{X}=\mathrm{N}} \mathrm{P}_{(\mathrm{x})} \cdot \mathrm{P}_{\mathrm{F}} $$

Reference(s)

Serpen, U., Petroleum Economics, Course Notes, ITU Petroleum and Natural Gas Engineering, Istanbul, Turkey, (2008) Page: 89.