Patent Document ID: 20100174489
Application ID: 12495942
Patent Status: 0

Claim One:
1. A method for managing hydrocarbon exploration of at least one prospect comprising: for each process iteration of a plurality of process iterations, performing a number of operations including a) using a number of input parameters representing attributes of the prospect as input data to a risk-based probabilistic computer system, the risk-based probabilistic computer system generating estimates of probability-of-success and corresponding hydrocarbon volumes for the prospect as well as key performance indicators for prospect in accordance with the input data; b) reviewing the key performance indicators generated in a) to identify at least one gap in knowledge of the prospect as well as identify recommended exploration activities that best address each identified knowledge gap; c) performing zero or more of the recommended exploration activities identified in b); d) reviewing results arising from performance of the recommended exploration activities in c) to identify additional knowledge gained from such performance; and e) updating the input parameters to reflect the additional knowledge identified in d) for the next process iteration.