You are an exploitation engineer looking over preliminary studies
from an area where you are planning to build an oil well. If you think the
oil well can produce enough petroleum, you will recommend that the company
go ahead and build the well.
"There's a lot of uncertainty
involved and it becomes what we call 'stochastic' or random modeling of those
types of things," says Tayfun Babadagli, a professor of petroleum engineering.
"The simplest term is probably 'probabilistic' because you can never make
sure that the volumes of estimation of the resource and everything is an absolute
value... so that takes quite a high level of math."
You hope that an
oil well, once in full production, will produce 544 gallons of oil per day.
Oil is measured in barrels. One barrel equals 34 gallons. How many barrels
of oil can you expect the well to produce in 2 weeks?
The company that
you work for wants to use 44 percent of the petroleum products from the well
to create gas, 37 percent for oil and 19 percent for other purposes. If 22,000
gallons are produced from the well, how many gallons of this petroleum will
be used to produce gas?
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