Natural Resources Uncertainty Management

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Natural resources are associated with considerable uncertainty. One of the largest sources of uncertainty is due to the spatial variability in rock properties away from sample locations. The proposed research program aims to continue developing mathematical and computational methods to quantify and manage uncertainty related to different aspects of natural resources. Uncertainty surrounds all aspects of natural resources delineation and production. Mineral deposits, petroleum reservoirs, and geological sites for greenhouse gas sequestration are variable and uncertain. Adding to this uncertainty are (1) dwindling conventional petroleum reserves, (2) development of the huge unconventional oilsands deposits in northern Alberta and the natural gas reserves in the far north, and (c) interest in new and cleaner sources of energy. The proposed Chair renewal is primarily aimed at the quantification of uncertainty that results from sparse data and procedures and guidelines to manage this uncertainty.