1. n. [Reservoir Characterization]
The process of generating models of the subsurface using geostatistical methods. The methods derive a detailed model using only sparse data (such as logs and cores from a few wells in a large area) and a knowledge of the depositional systems and structural settings to estimate the subsurface characteristics between the wells. These methods were originally developed in the mining industry, where boreholes are generally much closer, and later were adapted for use in the oil and gas industry. Geostatistical models are used for reservoir simulation and reservoir management.