A Discovery Model of Oil Reserves in the UK Sector of the North Sea

The purpose of this chapter is to construct a model which would provide us with the optimal investment plan for exploration for oil reserves in the North Sea area in the British sector and which would thus provide us with a prediction for future discoveries of oil reserves. The question is important because future discoveries would provide the increases in the upper limit which crude oil production can reach in the future, and the upper limit is changing over time because of continuous extraction and discoveries of oil reserves.