Simulation Modeling In Oil And Gas Industries. - Essay Example

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Simulation Modeling In Oil And Gas Industries.

Additionally, there are many variables of operations and decision-making processes to ensure that costs are minimized, available resources are optimized, and maximum efficiency is achieved. Certainly, any course of action may be successful or disastrous to the company. Therefore, simulation becomes a very important tool of assessing viability of a given action before the same is put into practice (Saker solutions, 2007). Simulation modeling is the process of creating computer models that represent the actual production and important logistics processes in the oil industry. The process not only considers the viability of the designed project but it is useful in the prediction of uncertainty such as weather in the oil industry. The aspect of uncertainty is incorporated into the models as random variable, these variables represents uncertain events such as equipment breakdown and destructive weather condition. The system depends on statistical distribution to determine frequency and patterns that determine the occurrence of uncertain events. Using simulation enables the players of the oil industry to work with proven methodologies that reduce or eliminate possible risks (Lanner, 2008). ...Show more

Summary

Oil and gas industry is arguably one of the capital and operational cost dependent sectors. All the processes from processing, refinery, and transportation of different products involve a lot investment…
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