Applying Nelder-Mead Method in Solving Discovery-Process Models for Estimating the Volume of Oil Reserves

Programming and designing the non-linear models cover a wide range of applications. Various scholars all around the world are engaged in taking this action and their main goal has been identified as providing efficient computational algorithms with the ability of evaluating the non-linear models. Nelder_Mead algorithm is among the most popular ones.Selecting a proper policy in energy concerns is dependent upon the estimation of the reserves and the expenditures incurred in negotiation of oil contracts. Those models capable of predicting the future supplies and their relative volume are valuable. However, traditional prediction models are not efficient enough and that’s why the researchers endeavor to find new methods for modeling the oil reserves. This paper aims to develop a new model to estimate the oil reserves by using exploratory and statistical data. It also tries to evaluate the model in one of famous the oil field by using Nelder_Mead algorithm.