Applied Optimization In The Petroleum Industry

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Applied Optimization in the Petroleum Industry

Author : Hesham K. Alfares
Publisher : Springer Nature
ISBN 13 : 3031241665
Total Pages : 292 pages
Book Rating : 4.0/5 (312 download)

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Book Synopsis Applied Optimization in the Petroleum Industry by : Hesham K. Alfares

Download or read book Applied Optimization in the Petroleum Industry written by Hesham K. Alfares and published by Springer Nature. This book was released on 2023-07-07 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book addresses optimization in the petroleum industry from a practical, large-scale-application-oriented point of view. The models and techniques presented help to optimize the limited resources in the industry in order to maximize economic benefits, ensure operational safety, and reduce environmental impact. The book discusses several important real-life applications of optimization in the petroleum industry, ranging from the scheduling of personnel time to the blending of gasoline. It covers a wide spectrum of relevant activities, including drilling, producing, maintenance, and distribution. The text begins with an introductory overview of the petroleum industry and then of optimization models and techniques. The main body of the book details a variety of applications of optimization models and techniques within the petroleum industry. Applied Optimization in the Petroleum Industry helps readers to find effective optimization-based solutions to their own practical problems in a large and important industrial sector, still the main source of the world’s energy and the source of raw materials for a wide variety of industrial and consumer products.

Applications of Artificial Intelligence Techniques in the Petroleum Industry

Author : Abdolhossein Hemmati-Sarapardeh
Publisher : Gulf Professional Publishing
ISBN 13 : 0128223855
Total Pages : 324 pages
Book Rating : 4.1/5 (282 download)

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Book Synopsis Applications of Artificial Intelligence Techniques in the Petroleum Industry by : Abdolhossein Hemmati-Sarapardeh

Download or read book Applications of Artificial Intelligence Techniques in the Petroleum Industry written by Abdolhossein Hemmati-Sarapardeh and published by Gulf Professional Publishing. This book was released on 2020-08-26 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: Applications of Artificial Intelligence Techniques in the Petroleum Industry gives engineers a critical resource to help them understand the machine learning that will solve specific engineering challenges. The reference begins with fundamentals, covering preprocessing of data, types of intelligent models, and training and optimization algorithms. The book moves on to methodically address artificial intelligence technology and applications by the upstream sector, covering exploration, drilling, reservoir and production engineering. Final sections cover current gaps and future challenges. - Teaches how to apply machine learning algorithms that work best in exploration, drilling, reservoir or production engineering - Helps readers increase their existing knowledge on intelligent data modeling, machine learning and artificial intelligence, with foundational chapters covering the preprocessing of data and training on algorithms - Provides tactics on how to cover complex projects such as shale gas, tight oils, and other types of unconventional reservoirs with more advanced model input

Applied Optimization in the Petroleum Industry

Author : Hesham K. Alfares
Publisher :
ISBN 13 : 9783031241673
Total Pages : 0 pages
Book Rating : 4.2/5 (416 download)

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Book Synopsis Applied Optimization in the Petroleum Industry by : Hesham K. Alfares

Download or read book Applied Optimization in the Petroleum Industry written by Hesham K. Alfares and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book addresses optimization in the petroleum industry from a practical, large-scale-application-oriented point of view. The models and techniques presented help to optimize the limited resources in the industry in order to maximize economic benefits, ensure operational safety, and reduce environmental impact. The book discusses several important real-life applications of optimization in the petroleum industry, ranging from the scheduling of personnel time to the blending of gasoline. It covers a wide spectrum of relevant activities, including drilling, producing, maintenance, and distribution. The text begins with an introductory overview of the petroleum industry and then of optimization models and techniques. The main body of the book details a variety of applications of optimization models and techniques within the petroleum industry. Applied Optimization in the Petroleum Industry helps readers to find effective optimization-based solutions to their own practical problems in a large and important industrial sector, still the main source of the world's energy and the source of raw materials for a wide variety of industrial and consumer products.

Geomechanics Applied to the Petroleum Industry

Author : Jean-François Nauroy
Publisher : Editions TECHNIP
ISBN 13 : 271080932X
Total Pages : 221 pages
Book Rating : 4.7/5 (18 download)

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Book Synopsis Geomechanics Applied to the Petroleum Industry by : Jean-François Nauroy

Download or read book Geomechanics Applied to the Petroleum Industry written by Jean-François Nauroy and published by Editions TECHNIP. This book was released on 2011 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designing an efficient drilling program is a key step for the development of an oil and/or gas field. Variations in reservoir pressure, saturation and temperature, induced by reservoir production or CO2 injection, involve various coupled physical and chemical processes. Geomechanics, which consider all thermohydromechanical phenomena involved in rock behavior, play an important role in every operation involved in the exploitation of hydrocarbons, from drilling to production, and in CO2 geological storage operations as well. Pressure changes in the reservoir modify the in situ stresses and induce strains, not only within the reservoir itself, but also in the entire sedimentary column. In turn, these stress variations and associated strains modify the fluids flow in the reservoir and change the wellbore stability parameters. This book offers a large overview on applications of Geomechanics to petroleum industry. It presents the fundamentals of rock mechanics, describes the methods used to characterise rocks in the laboratory and the modelling of their mechanical behaviour ; it gives elements of numerical geomechanical modelling at the site scale. It also demonstrates the role of Geomechanics in the optimisation of drilling and production : it encompasses drillability, wellbore stability, sand production and hydraulic fracturing ; it provides the basic attainments to deal with the environmental aspects of heave or subsidence of the surface layers, CO2 sequestration and well abandonment ; and it shows how seismic monitoring and geomechanical modelling of reservoirs can help to optimise production or check cap rock integrity. This book will be of interest to all engineers involved in oil field development and petroleum engineering students, whether drillers or producers. It aims also at providing a large range of potential users with a simple approach of a broad field of knowledge.

Nature-Inspired Algorithms and Applied Optimization

Author : Xin-She Yang
Publisher : Springer
ISBN 13 : 3319676695
Total Pages : 332 pages
Book Rating : 4.3/5 (196 download)

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Book Synopsis Nature-Inspired Algorithms and Applied Optimization by : Xin-She Yang

Download or read book Nature-Inspired Algorithms and Applied Optimization written by Xin-She Yang and published by Springer. This book was released on 2017-10-08 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reviews the state-of-the-art developments in nature-inspired algorithms and their applications in various disciplines, ranging from feature selection and engineering design optimization to scheduling and vehicle routing. It introduces each algorithm and its implementation with case studies as well as extensive literature reviews, and also includes self-contained chapters featuring theoretical analyses, such as convergence analysis and no-free-lunch theorems so as to provide insights into the current nature-inspired optimization algorithms. Topics include ant colony optimization, the bat algorithm, B-spline curve fitting, cuckoo search, feature selection, economic load dispatch, the firefly algorithm, the flower pollination algorithm, knapsack problem, octonian and quaternion representations, particle swarm optimization, scheduling, wireless networks, vehicle routing with time windows, and maximally different alternatives. This timely book serves as a practical guide and reference resource for students, researchers and professionals.

Oil and Gas Production Handbook: An Introduction to Oil and Gas Production

Author : Havard Devold
Publisher : Lulu.com
ISBN 13 : 1105538648
Total Pages : 84 pages
Book Rating : 4.1/5 (55 download)

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Book Synopsis Oil and Gas Production Handbook: An Introduction to Oil and Gas Production by : Havard Devold

Download or read book Oil and Gas Production Handbook: An Introduction to Oil and Gas Production written by Havard Devold and published by Lulu.com. This book was released on 2013 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Composite Materials for Industry, Electronics, and the Environment

Author : Omari V. Mukbaniani
Publisher : CRC Press
ISBN 13 : 0429856229
Total Pages : 415 pages
Book Rating : 4.4/5 (298 download)

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Book Synopsis Composite Materials for Industry, Electronics, and the Environment by : Omari V. Mukbaniani

Download or read book Composite Materials for Industry, Electronics, and the Environment written by Omari V. Mukbaniani and published by CRC Press. This book was released on 2019-06-03 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new volume focuses on different aspects of composite systems that are associated with research and development, helping to bridge the gap between classical analysis and modern real-life applications. The chapters look at the experimental and theoretical aspects of composite materials, regarding preparation, processing, design, properties, and practical implications. It also presents recent advancements, research, and development prospects of advanced composite materials that provide new solutions for advanced technologies.

Methods for Petroleum Well Optimization

Author : Rasool Khosravanian
Publisher : Gulf Professional Publishing
ISBN 13 : 0323902324
Total Pages : 554 pages
Book Rating : 4.3/5 (239 download)

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Book Synopsis Methods for Petroleum Well Optimization by : Rasool Khosravanian

Download or read book Methods for Petroleum Well Optimization written by Rasool Khosravanian and published by Gulf Professional Publishing. This book was released on 2021-09-22 with total page 554 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drilling and production wells are becoming more digitalized as oil and gas companies continue to implement machine learning andbig data solutions to save money on projects while reducing energy and emissions. Up to now there has not been one cohesiveresource that bridges the gap between theory and application, showing how to go from computer modeling to practical use. Methodsfor Petroleum Well Optimization: Automation and Data Solutions gives today's engineers and researchers real-time data solutionsspecific to drilling and production assets. Structured for training, this reference covers key concepts and detailed approaches frommathematical to real-time data solutions through technological advances. Topics include digital well planning and construction,moving teams into Onshore Collaboration Centers, operations with the best machine learning (ML) and metaheuristic algorithms,complex trajectories for wellbore stability, real-time predictive analytics by data mining, optimum decision-making, and case-basedreasoning. Supported by practical case studies, and with references including links to open-source code and fit-for-use MATLAB, R,Julia, Python and other standard programming languages, Methods for Petroleum Well Optimization delivers a critical training guidefor researchers and oil and gas engineers to take scientifically based approaches to solving real field problems. - Bridges the gap between theory and practice (from models to code) with content from the latest research developments supported by practical case study examples and questions at the end of each chapter - Enables understanding of real-time data solutions and automation methods available specific to drilling and production wells, suchas digital well planning and construction through to automatic systems - Promotes the use of open-source code which will help companies, engineers, and researchers develop their prediction and analysissoftware more quickly; this is especially appropriate in the application of multivariate techniques to the real-world problems of petroleum well optimization

Mathematical Modeling of Fluid Flow and Heat Transfer in Petroleum Industries and Geothermal Applications

Author : Mehrdad Massoudi
Publisher : MDPI
ISBN 13 : 3039287206
Total Pages : 470 pages
Book Rating : 4.0/5 (392 download)

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Book Synopsis Mathematical Modeling of Fluid Flow and Heat Transfer in Petroleum Industries and Geothermal Applications by : Mehrdad Massoudi

Download or read book Mathematical Modeling of Fluid Flow and Heat Transfer in Petroleum Industries and Geothermal Applications written by Mehrdad Massoudi and published by MDPI. This book was released on 2020-04-16 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: Geothermal energy is the thermal energy generated and stored in the Earth's core, mantle, and crust. Geothermal technologies are used to generate electricity and to heat and cool buildings. To develop accurate models for heat and mass transfer applications involving fluid flow in geothermal applications or reservoir engineering and petroleum industries, a basic knowledge of the rheological and transport properties of the materials involved (drilling fluid, rock properties, etc.)—especially in high-temperature and high-pressure environments—are needed. This Special Issue considers all aspects of fluid flow and heat transfer in geothermal applications, including the ground heat exchanger, conduction and convection in porous media. The emphasis here is on mathematical and computational aspects of fluid flow in conventional and unconventional reservoirs, geothermal engineering, fluid flow, and heat transfer in drilling engineering and enhanced oil recovery (hydraulic fracturing, CO2 injection, etc.) applications.

Handbook of Energy Transitions

Author : Muhammad Asif
Publisher : CRC Press
ISBN 13 : 1000689433
Total Pages : 525 pages
Book Rating : 4.0/5 (6 download)

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Book Synopsis Handbook of Energy Transitions by : Muhammad Asif

Download or read book Handbook of Energy Transitions written by Muhammad Asif and published by CRC Press. This book was released on 2022-10-14 with total page 525 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global energy scenario is undergoing an unprecedented transition. In the wake of enormous challenges—such as increased population, higher energy demands, increasing greenhouse gas emissions, depleting fossil fuel reserves, volatile energy prices, geopolitical concerns, and energy insecurity issues—the energy sector is experiencing a transition in terms of energy resources and their utilization. This modern transition is historically more dynamic and multidimensional compared to the past considering the vast technological advancements, socioeconomic implications and political responses, and ever-evolving global policies and regulations. Energy insecurity in terms of its critical dimensions—access, affordability, and reliability—remains a major problem hindering the socioeconomic progress in developing countries. The Handbook of Energy Transitions presents a holistic account of the 21st-century energy transition away from fossil fuels. It provides an overview of the unfolding transition in terms of overall dimensions, drivers, trends, barriers, policies, and geopolitics, and then discusses transition in terms of particular resources or technologies, such as renewable energy systems, solar energy, hydropower, hydrogen and fuel cells, electric vehicles, energy storage systems, batteries, digitalization, smart grids, blockchain, and machine learning. It also discusses the present energy transition in terms of broader policy and developmental perspectives. Further, it examines sustainable development, the economics of energy and green growth, and the role of various technologies and initiatives like renewables, nuclear power, and electrification in promoting energy security and energy transition worldwide. Key Features Includes technical, economic, social, and policy perspectives of energy transitions Features practical case studies and comparative assessments Examines the latest renewable energy and low-carbon technologies Explains the connection between energy transition and global climate change

Advances and Trends in Optimization with Engineering Applications

Author : Tamas Terlaky
Publisher : SIAM
ISBN 13 : 1611974674
Total Pages : 730 pages
Book Rating : 4.6/5 (119 download)

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Book Synopsis Advances and Trends in Optimization with Engineering Applications by : Tamas Terlaky

Download or read book Advances and Trends in Optimization with Engineering Applications written by Tamas Terlaky and published by SIAM. This book was released on 2017-04-26 with total page 730 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimization is of critical importance in engineering. Engineers constantly strive for the best possible solutions, the most economical use of limited resources, and the greatest efficiency. As system complexity increases, these goals mandate the use of state-of-the-art optimization techniques. In recent years, the theory and methodology of optimization have seen revolutionary improvements. Moreover, the exponential growth in computational power, along with the availability of multicore computing with virtually unlimited memory and storage capacity, has fundamentally changed what engineers can do to optimize their designs. This is a two-way process: engineers benefit from developments in optimization methodology, and challenging new classes of optimization problems arise from novel engineering applications. Advances and Trends in Optimization with Engineering Applications reviews 10 major areas of optimization and related engineering applications, providing a broad summary of state-of-the-art optimization techniques most important to engineering practice. Each part provides a clear overview of a specific area and discusses a range of real-world problems. The book provides a solid foundation for engineers and mathematical optimizers alike who want to understand the importance of optimization methods to engineering and the capabilities of these methods.

Energy Systems Engineering

Author :
Publisher : John Wiley & Sons
ISBN 13 : 9783527316946
Total Pages : 360 pages
Book Rating : 4.3/5 (169 download)

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Book Synopsis Energy Systems Engineering by :

Download or read book Energy Systems Engineering written by and published by John Wiley & Sons. This book was released on 2008-10-13 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inspired by the leading authority in the field, the Centre for Process Systems Engineering at Imperial College London, this book includes theoretical developments, algorithms, methodologies and tools in process systems engineering and applications from the chemical, energy, molecular, biomedical and other areas. It spans a whole range of length scales seen in manufacturing industries, from molecular and nanoscale phenomena to enterprise-wide optimization and control. As such, this will appeal to a broad readership, since the topic applies not only to all technical processes but also due to the interdisciplinary expertise required to solve the challenge. The ultimate reference work for years to come.

Differential Evolution

Author : Anyong Qing
Publisher : John Wiley & Sons
ISBN 13 : 9780470823934
Total Pages : 352 pages
Book Rating : 4.8/5 (239 download)

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Book Synopsis Differential Evolution by : Anyong Qing

Download or read book Differential Evolution written by Anyong Qing and published by John Wiley & Sons. This book was released on 2009-07-23 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Differential evolution is a very simple but very powerful stochastic optimizer. Since its inception, it has proved very efficient and robust in function optimization and has been applied to solve problems in many scientific and engineering fields. In Differential Evolution , Dr. Qing begins with an overview of optimization, followed by a state-of-the-art review of differential evolution, including its fundamentals and up-to-date advances. He goes on to explore the relationship between differential evolution strategies, intrinsic control parameters, non-intrinsic control parameters, and problem features through a parametric study. Findings and recommendations on the selection of strategies and intrinsic control parameter values are presented. Lastly, after an introductory review of reported applications in electrical and electronic engineering fields, different research groups demonstrate how the methods can be applied to such areas as: multicast routing, multisite mapping in grid environments, antenna arrays, analog electric circuit sizing, electricity markets, stochastic tracking in video sequences, and color quantization. Contains a systematic and comprehensive overview of differential evolution Reviews the latest differential evolution research Describes a comprehensive parametric study conducted over a large test bed Shows how methods can be practically applied to mobile communications grid computing circuits image processing power engineering Sample applications demonstrated by research groups in the United Kingdom, Australia, Italy, Turkey, China, and Eastern Europe Provides access to companion website with code examples for download Differential Evolution is ideal for application engineers, who can use the methods described to solve specific engineering problems. It is also a valuable reference for post-graduates and researchers working in evolutionary computation, design optimization and artificial intelligence. Researchers in the optimization field or engineers and managers involved in operations research will also find the book a helpful introduction to the topic.

Recent Trends and Best Practices in Industry 4.0

Author : Abhinav Sharma
Publisher : CRC Press
ISBN 13 : 1000964388
Total Pages : 449 pages
Book Rating : 4.0/5 (9 download)

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Book Synopsis Recent Trends and Best Practices in Industry 4.0 by : Abhinav Sharma

Download or read book Recent Trends and Best Practices in Industry 4.0 written by Abhinav Sharma and published by CRC Press. This book was released on 2023-11-03 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: Industry 4.0 is used interchangeably with the fourth industrial revolution and represents a new stage in the organization asnd control of the industrial value chain. Cyber-physical systems form the basis of industry 4.0 (e.g., 'smart machines'). They use modern control systems, have embedded software systems, can be addressed via IoT (the Internet of Things), and may use extensive data analytics and/or articifical inteligence systems to operate autonomously. The aim of this book is to provide detailed insights into the state of art techniques in AI, IoT, Blockchain technology and associated technologies which play a vital role in the implementation of a successful project for upcoming and practicing engineers. Owing to its multidisciplinary nature, Industry 4.0 is not a single topic but a combination of a multitude of technologies from different domains. Keeping this in mind the book includes the following topics: Artificial intelligence Internet of things Blockchain technology Digital manufacturing Robotics Cybersecurity The book will be a comprehensive guide to academicians and engineers who want to align with recent trends of fourth industrial revolution.

Energy Optimization in Process Systems

Author : Stanislaw Sieniutycz
Publisher : Elsevier
ISBN 13 : 008091442X
Total Pages : 771 pages
Book Rating : 4.0/5 (89 download)

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Book Synopsis Energy Optimization in Process Systems by : Stanislaw Sieniutycz

Download or read book Energy Optimization in Process Systems written by Stanislaw Sieniutycz and published by Elsevier. This book was released on 2009-05-06 with total page 771 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the vast research on energy optimization and process integration, there has to date been no synthesis linking these together. This book fills the gap, presenting optimization and integration in energy and process engineering. The content is based on the current literature and includes novel approaches developed by the authors. Various thermal and chemical systems (heat and mass exchangers, thermal and water networks, energy converters, recovery units, solar collectors, and separators) are considered. Thermodynamics, kinetics and economics are used to formulate and solve problems with constraints on process rates, equipment size, environmental parameters, and costs. Comprehensive coverage of dynamic optimization of energy conversion systems and separation units is provided along with suitable computational algorithms for deterministic and stochastic optimization approaches based on: nonlinear programming, dynamic programming, variational calculus, Hamilton-Jacobi-Bellman theory, Pontryagin's maximum principles, and special methods of process integration. Integration of heat energy and process water within a total site is shown to be a significant factor reducing production costs, in particular costs of utilities for the chemical industry. This integration involves systematic design and optimization of heat exchangers and water networks (HEN and WN). After presenting basic, insight-based Pinch Technology, systematic, optimization-based sequential and simultaneous approaches to design HEN and WN are described. Special consideration is given to the HEN design problem targeting stage, in view of its importance at various levels of system design. Selected, advanced methods for HEN synthesis and retrofit are presented. For WN design a novel approach based on stochastic optimization is described that accounts for both grassroot and revamp design scenarios. - Presents a unique synthesis of energy optimization and process integration that applies scientific information from thermodynamics, kinetics, and systems theory - Discusses engineering applications including power generation, resource upgrading, radiation conversion and chemical transformation, in static and dynamic systems - Clarifies how to identify thermal and chemical constraints and incorporate them into optimization models and solutions

Petroleum Industry Wastewater

Author : Muftah H. El-Naas
Publisher : Elsevier
ISBN 13 : 0323858856
Total Pages : 280 pages
Book Rating : 4.3/5 (238 download)

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Book Synopsis Petroleum Industry Wastewater by : Muftah H. El-Naas

Download or read book Petroleum Industry Wastewater written by Muftah H. El-Naas and published by Elsevier. This book was released on 2022-03-15 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Petroleum Industry Wastewater: Advanced and Sustainable Treatment Methods discusses the status of different approaches and advanced processes involved in the treatment of petrochemical and petroleum industry wastewater. The book focuses on advanced, sustainable, and environmentally friendly technologies for removing toxic pollutants from contaminated waters. The book also explores the environmental aspects and impacts of the petroleum industry discharge wastewater, their effect on aquatic life, and possible ways to deal with these effects. Keeping the global water crisis and fast depletion of natural fresh water in mind, more immediate knowledge, information, implication, and effective utilization of available resources are required than we anticipated. The book brings a wide range of methodologies and perspectives under one roof in a comprehensive manner. - Describes advanced strategies and methods involved in petroleum industry water treatment - Deals with ways to treat discharged water through cutting-edge technologies - Presents an overview of pollutant degradation in industrial wastewater - Highlights advanced and technological know-how for a variety of applications

Project Valuation and Decision Making under Risk and Uncertainty applying Decision Tree Analysis and Monte Carlo Simulation

Author : Donald Dibra
Publisher : BoD – Books on Demand
ISBN 13 : 3734755433
Total Pages : 110 pages
Book Rating : 4.7/5 (347 download)

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Book Synopsis Project Valuation and Decision Making under Risk and Uncertainty applying Decision Tree Analysis and Monte Carlo Simulation by : Donald Dibra

Download or read book Project Valuation and Decision Making under Risk and Uncertainty applying Decision Tree Analysis and Monte Carlo Simulation written by Donald Dibra and published by BoD – Books on Demand. This book was released on 2015-04-28 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work presents the application of the Monte Carlo Simulation method and the Decision Tree Analysis approach when dealing with the economic valuation of projects which are subjected to risks and uncertainties. The Net Present Value of a project is usually used as an investment decision parameter. Using deterministic models to calculate a project’s Net Present Value neglects the risky and uncertain nature of real life projects and consequently leads to useless valuation results. Realistic valuation models need to use probability density distributions for the input parameters and certain probabilities for the occurrence of specific events during the life time of a project in combination with the Monte Carlo Simulation method and the Decision Tree Analysis approach. After a short introduction a brief explanation of the traditional project valuation methods is given. The main focus of this work lies in using the Net Present Value method as a basic valuation tool in conjunction with the Monte Carlo Simulation technique and the Decision Tree Analysis approach to form a comprehensive method for project valuation under risk and uncertainty. The extensive project valuation methodology introduced is applied on two fictional projects, one from the pharmaceutical sector and one from the oil and gas exploration and production industry. Both industries deal with high risks, high uncertainties and high costs, but also high rewards. The example from the pharmaceutical industry illustrates very well how the application of the Monte Carlo Simulation and Decision Tree Analysis method, results in a well-diversified portfolio of new drugs with the highest reward at minimum possible risk. Applying the presented probabilistic project valuation approach on the oil exploration and production project shows how to reduce the risk of losing big.