To improve economic evaluation of traps in a highlyexplored area and serve for exploration decision of oilfield

an economic evaluation system for traps in a highlyexplored area was developed. The main functions of the system include the followings. ① The artificial neutral network method can be used to carry out nonlinear “analogy” on the available typical trap parameters database

so as to confirm trap types and the mode of exploration

development and production

to simulate the full process of oil/gas exploration and development

and to conduct quantitative economic evaluation of traps

which overcomes the disadvantages of traditional evaluation method; ② Monte Carlo simulation method can be used to carry out sensitive factor and uncertainty analysis of trap economic evaluation

and realize quantification of trap risks; ③ The optimal linearity theory can be used to perform optimization analysis of investment income and exploration risks

realizing integral evaluation of risk and portfolio. The system has been applied in Shengli oilfield

which drills over 30 exploration wells every year with a success rate of over 40%.