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Assess potential basin and formations for recoverable shale

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Question: Physical Sciences Energy companies assess potential basin and formations for recoverable shale oil and gas resources. This information is used to forecast production levels and plan further exploration. A random sample of world basins and formations was obtained, and the technically recoverable shale gas (in trillion cubic feet, tcf) for each site is given in the following table.

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Is there any evidence to suggest that the population variance in technically recoverable shale gas is greater than 5800 tcf2? Assume normality and use a = 0.01. Write a Solution Trail for this problem.

Reference no: EM131751431

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