Exploration efficiency

Input(s)

$F_{D}$: Total Meterage Drilled up to the date of Discovery $(\mathrm{ft})$

$a$: Ratio Constant (dimensionless)

$\mathrm{E}_{\mathrm{o}}$: Exploration Efficiency at Initial Conditions (bbl/ft)

$\mathrm{R}_{\mathrm{u}}$: Total Expected Additional Discovery of Resources in Selected Field Class (bbl)

$r_{u}$: Latest Rate of Growth for Discovered Resources (fraction)

Output(s)

E: Exploration Efficiency per unit Meterage $(\mathrm{bbl} / \mathrm{ft})$

Formula(s)

$$ \begin{gathered} \mathrm{E}=\mathrm{E}_{\mathrm{o}} \cdot \mathrm{e}^{-\mathrm{a} \cdot \mathrm{F}_{\mathrm{D}}} \\ \mathrm{E}_{\mathrm{o}}=\frac{\mathrm{dR}_{\mathrm{u}}}{\mathrm{r}_{\mathrm{u}}} \end{gathered} $$

Note: All Formulas need to be applied in each Field Class separately.

Reference(s)

Serpen, U., Petroleum Economics, Course Notes, ITU Petroleum and Natural Gas Engineering, Istanbul, Turkey, (2008) Page: 79.