Abstract
We discuss a petroleum discovery model that greatly simplifies the approach initiated by Barouch and Kaufman (1976) in which exploration is viewed as a sampling without replacement process, and the probability of discovery of a pool is proportional to its size. Calculations that formerly required lengthy Monte Carlo simulations have been reduced to compact formulas.
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Fuller, J.D., Wang, F. A probabilistic model of petroleum discovery. Nat Resour Res 2, 325–330 (1993). https://doi.org/10.1007/BF02257542
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DOI: https://doi.org/10.1007/BF02257542