Effectively analyzing the wellbore stability risk in directional wells is important in exploring oil and gas resources in complex deep formations. An evaluation model of wellbore stability prefers to determine the wellbore instability pressures related to collapse pressure and fracture pressure that controls the optimized wellbore trajectory and is strongly related to the characteristics of geomechanical parameters, including the mechanical and strength parameters, in-situ stresses, and pore pressure, However, the measured errors and inherent fuzziness during the obtaining of geomechanical parameters introduce the uncertainty characteristics and further produce a probability distribution within a certain range of the wellbore instability pressures. Besides, the determination of horizontal in-situ stresses and the strength parameters also are correlated with the mechanical parameters including elastic modulus and Poisson's ratio. Therefore, an effective means of risk assessment of wellbore instability resorts to introducing uncertainty quantification, depending on the appropriate distribution function, and correlations of geomechanical parameters into the evaluation model of wellbore stability. This work proposes a risk analysis method for wellbore instability considering the uncertainty and correlation of geomechanical parameters. Firstly, the uncertainty characteristics and parameter correlations are quantified by Kolmogorov-Smirnov (K–S) test and Pearson linear coefficient through data sampling of geomechanical parameters. Then, the Monte Carlo method and the Nataf transform are combined to make the randomly generated samples restore the uncertainty and correlation characteristics of the parameters themselves. Finally, the sample is brought into the optimal model to realize the risk analysis of wellbore instability and parameter sensitivity evaluation of the target formation under parameter uncertainty and non-independent conditions. The main research shows that the uncertainty of the prediction results of collapse pressure and fracture pressure is significantly reduced by using the newly proposed method to analyze the risk of wellbore instability. In addition, the results of wellbore trajectory optimization indicate that the uncertainty of in-situ stress makes it possible for the formation rock to experience a changing type of stress state, for example, normal stress faulting changing to the strike-slip one, which significantly affects the evaluation of wellbore stability and the selection of wellbore trajectory optimization. The uncertainty range of collapse pressure prediction is greater than that of fracture pressure regardless of whether the parameters are independent or not. However, the overall value of the fracture pressure compared to the collapse pressure is significantly affected by the wellbore trajectory. Meanwhile, considering the direct effect of a single factor, the in-situ stress has a great influence on the risk analysis of wellbore instability, especially the minimum horizontal in-situ stress has the most obvious influence on the fracture pressure. The influence of geomechanical parameters such as elastic modulus, Poisson's ratio, cohesion, internal friction angle, and tensile strength on wellbore instability is relatively weak. However, the aforementioned variation ignores the correlation characteristics of the parameters themselves. With the correlation characteristics considered, weak parameters such as elastic modulus, Poisson's ratio, and pore pressure have a strong correlation with in-situ stress, and thus exert the indirect effect on wellbore instability.
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