MLchartDataset catalogue

Stochastic modeling

Term · Oil and gas · MLC-T-OAG-003624

The process of creating mathematical models that incorporate random variables to represent the uncertainty and variability of natural phenomena. In reservoir characterization, this involves generating multiple possible geological realizations of subsurface properties, such as porosity and permeability, that are consistent with observed data and geological concepts. These models are used to assess the range of potential outcomes for reservoir performance.

Table 1. Record
IdentifierMLC-T-OAG-003624
FieldOil and gas
SubjectReservoir Characterization
Record as JSON 
{
  "id": "MLC-T-OAG-003624",
  "term": "Stochastic modeling",
  "field": "Oil and gas",
  "definition": "The process of creating mathematical models that incorporate random variables to represent the uncertainty and variability of natural phenomena. In reservoir characterization, this involves generating multiple possible geological realizations of subsurface properties, such as porosity and permeability, that are consistent with observed data and geological concepts. These models are used to assess the range of potential outcomes for reservoir performance.",
  "subject": "Reservoir Characterization",
  "url": "https://mlchart.com/terminology/oil-and-gas/stochastic-modeling/"
}

Record 3,842 of 4,469 in Oil and gas terminology (MLC-0103). Request the full dataset.