Optimization under reservoir and financial uncertainty

An oil reservoir is characterized using well logs, and seismic data, but there is uncertainty as to its geometry and geological parameters, and its market value. We may be able to quantify these stochastic elements, and find how objective functions (e .g., fraction of extracted oil, net present value of oil produced, minimum water production) respond to changes in parameters (e.g. number of wells, geological or financial uncertainty), or establish a functional relationship between the control variables (say pumping rates), and the desired objective function.