A Stochastic Model for Determining the Economic Prospects of Petroleum Exploration over Large Regions

It is hypothesized that the spatial occurrence of petroleum reservoirs can be represented by a Poisson process and that the sizes of the individual reservoirs are lognormally distributed. The total petroleum reserves occurring in any unit of space of arbitrary size within a region can thus be repres...

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Bibliographic Details
Published in:Journal of the American Statistical Association 1970-06, Vol.65 (330), p.623-630
Main Authors: Uhler, Russell S., Bradley, Paul G.
Format: Article
Language:English
Subjects:
Applications
Binomial distributions
Binomials
Confidence interval
Government policy
Industry
Interval estimators
Oil
Oil pools
Petroleum
Poisson process
Size distribution
Spatial distribution
Statistical variance
Trade
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Summary:It is hypothesized that the spatial occurrence of petroleum reservoirs can be represented by a Poisson process and that the sizes of the individual reservoirs are lognormally distributed. The total petroleum reserves occurring in any unit of space of arbitrary size within a region can thus be represented as a sum of lognormal random variables where the number in the sum is determined by a Poisson process. These hypotheses are tested, and a sampling experiment is conducted to demonstrate the estimation procedure.
ISSN:0162-1459
1537-274X
DOI:10.1080/01621459.1970.10481110