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Help with Question (Second Part of Total Question)

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If the probability of hitting oil is 1/40 and if the probability of hitting gas is 1/20, what is the expectation for the drilling company?

Oct 17th, 2017

Probability of hitting oil is 1/40 and probability of hitting gas is 1/20 so the odds of hitting oil or gas is 1/800 or 0.00125 or 0.125%.  The probability is greater of hitting nothing.  What the company should do is abandon the current drilling site and search out another place to drill.  Companies hire geologists who take core samples and can supply the company with the mineral content and amount of each mineral in a sample.  The geologists then can give the drilling company a better idea (and better odds) of where to drill a test hole that will yield gas or oil.

Dec 3rd, 2014

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