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.