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.