What are the main sources and types of risk in reservoir development and management?

Geological risk assessment involves several steps, including data collection, data analysis, geological modeling, uncertainty analysis, and risk quantification. **Data Collection:** This involves gathering various types of data related to the reservoir properties, structure, and fluid characteristics. **Data Analysis:** This involves processing and interpreting the collected data to derive information about the reservoir properties and structure. **Geological Modeling:** This involves constructing a 3D model of the reservoir based on the analyzed data. **Uncertainty Analysis:** This involves quantifying the uncertainty and variability of the reservoir properties and structure, and their impact on the hydrocarbon volume and recovery.

Reservoir geometry and properties distribution are always the risk due data availability and tools resolutions. Combining deterministic and probabilistic is best approach. Defining low-mid-high reservoir parameters to create estimated HC in place sensitivity and uncertainty are most recommended ways

To mitigate geological risks, kindly follow industry guidelines (PRMS) and plan data acquisition to mitigate key elements of the risk such as sand distribution, heterogeneity, compartmentalisation, etc. which bring largest uncertainty to resource evaluation.

Historical "lesson learn" should be put in first assessment. Surface tools / facilities should be put in early test (some tests that representing project scope of work) before doing full scale. Injection limits should be assessed properly using multiple approach, lab and field test.

To mitigate technical risks, please follow regional benchmarks, standards and analogues of developed in the region fields. Additionally plan contingent operation procedures and corrective measures

Economic uncertainty may bring both upside (much higher oil/gas prices, tax incentives, etc.) and downside (higher costs, lower gas/oil sales prices). Please follow industry guidelines (PRMS) and consider not only base scenario but also low and high scenarios to understand project potential.

Economic risk management is indeed a critical aspect of reservoir projects, as it directly influences the viability and success of these ventures. Understanding and mitigating economic risks can significantly enhance the decision-making process and ensure the long-term sustainability of these projects. As you mentioned, several tools and techniques can be employed to assess and manage economic risks, including: 1. **Sensitivity Analysis**: This technique helps identify how different variables, such as oil prices or discount rates, impact the project's value. By examining a range of values for these variables, decision-makers can gain insight into which factors have the most significant influence on the project's economics.

Injection limit due cap rock / reservoir / fault failure, well integrity to prevent surface eruption, injectant compatibility (both water formation and reservoir), multiple water sources sample scenarios are some matters that should be considered in IOR assesment.

Let's skip the boring textbook risks and dig into the juicy ones nobody talks about. 1. Falling in Love with Your Pet Project People get emotionally invested, twisting facts to keep the fantasy alive. Why should hard evidence ruin a good love story, right? 2. KPIs Nothing like a fat bonus to cloud judgment. Stretch targets create “opportunities” out of thin air. Suddenly, pores get bigger and decline curves flatten. Funny how money affects basic physics. 3. Gut-Feel Sophisticated decision frameworks? For suckers. An “educated” guess is just a hunch wrapped in fancy words. So yes, let’s spend millions based on “Bob’s been doing this for 30 years."

Regarding Social hurdles that should be handled properly: Sustainable and good Corporate Social Responsibility, locals "influencers"https://accionvegana.org/accio/0ITbvNmLulGZltmbpxmL3d3d6MHc0/respected persona cooperation contracts, local training and projects-related job posting could be solutions for local social problems