Title :
Forecasting economic oilyield by using Monte Carlo Simulation
Author :
Dong, Shaohua ; Li, Fangfang
Author_Institution :
Sch. of Mech. Eng., Univ. of Sci. & Technol. Beijing, Beijing, China
Abstract :
Through analyzing the factor affected oil production in the oil development stage, the economic output calculation model of oilfield development is built according to the principle of the balance between profit and loss. Finally the results are solved by the Monte Carlo Simulation.
Keywords :
Monte Carlo methods; economic forecasting; petroleum industry; profitability; Monte Carlo simulation; economic forecasting; economic output calculation model; oil development stage; oil production; profit; Analytical models; Banking; Economics; Educational institutions; Electronic publishing; Mechanical engineering; Monte Carlo methods; Economic Oilyield; Monte carlo simulation;
Conference_Titel :
Computer Science and Service System (CSSS), 2011 International Conference on
Conference_Location :
Nanjing
Print_ISBN :
978-1-4244-9762-1
DOI :
10.1109/CSSS.2011.5972139
