International Science Community Association Research Journal of Engineering Sciences 2278 - 9472 4 12 2015 December 26 Quantifying Uncertainty in Oil Reserves Estimate 1 8 EN Adeloye 1 Port Harcourt River State, NIGERIA Michael Olalekan 2 AbuUwaumaKevin 3 AbuNyenemim Robin 4 > Research Paper 2015 11 18 2015 December 26 Stochastic reserve estimate was analysed by integrating Monte-Carlo simulation and Parametric simulation techniques to quantify uncertainty in reserve estimate with the result compared with Crystal Ball software. Error parameters such as mean reward, standard deviation and coefficient of variation were deduced with low coefficient of variation value which gives good confidence, low risk and less uncertainty but with a deviation of -0.035882 and 0.263878 from Crystal Ball software for first and second simulation analysis respectively. Pre-determined interval was eliminated in this study by using Stugies rule in the algorithm while randomness of input parameters was achieved by using Chi- Square and 95% Chi-Square value. Sensitivity analysis of input parameters shows a decreasing order effect on reserve estimate from thickness, area, porosity, water saturation and formation volume factor for first and second simulation analysis respectively.. Copyright@ International Science Community Association