Abstract: A system and a computer implemented method for determining a best well location from a plurality of possible well locations are described herein. The method includes drawing a plurality of earth models from a posterior distribution, wherein the posterior distribution is generated by stochastic inversion of existing data; calculating a well production at a plurality of proposed well locations within an earth model in the plurality of earth models using a relationship between the well production and earth parameters; calculating from the plurality of earth models, cost distributions using the relationship between well cost and the earth parameters; and calculating probability weighted values for the proposed well locations using probabilities from location dependent stochastic inversions as weights.

Abstract: A system and a computer implemented method for determining a value of information are described herein. The method includes drawing a plurality of synthetic prior earth models from one or more prior distributions for a plurality of well locations and generate from each prior distribution synthetic data; and drawing a plurality of posterior earth models from a posterior distribution for the plurality of well locations, the posterior distribution being generated through stochastic inversion from the synthetic data and the plurality of posterior models are drawn from each of the plurality of prior earth models. The method further includes calculating a difference or a ratio between a weighted value prior and a weighted value posterior and calculating a sum over a plurality of well locations of the difference or the ratio to obtain the value of information.

Abstract: A system and a computer implemented method for determining a value of information are described herein. The method includes drawing a plurality of synthetic prior earth models from one or more prior distributions for a plurality of well locations and generate from each prior distribution synthetic data; and drawing a plurality of posterior earth models from a posterior distribution for the plurality of well locations, the posterior distribution being generated through stochastic inversion from the synthetic data and the plurality of posterior models are drawn from each of the plurality of prior earth models. The method further includes calculating a difference or a ratio between a weighted value prior and a weighted value posterior and calculating a sum over a plurality of well locations of the difference or the ratio to obtain the value of information.

Abstract: A system and a computer implemented method for determining a best well location from a plurality of possible well locations are described herein. The method includes drawing a plurality of earth models from a posterior distribution, wherein the posterior distribution is generated by stochastic inversion of existing data; calculating a well production at a plurality of proposed well locations within an earth model in the plurality of earth models using a relationship between the well production and earth parameters; calculating from the plurality of earth models, cost distributions using the relationship between well cost and the earth parameters; and calculating probability weighted values for the proposed well locations using probabilities from location dependent stochastic inversions as weights.