Petroleum reservoir engineering is a complex issue and this course is designed to enter into every single detail to understand the topic thoroughly. The best method to get acquainted to the reservoir system is to create a model and work on it. In other words, geophysical, geological, petrophysical and engineering data with geostatistical methods will be utilized to create reservoir descriptions for dynamic reservoir modeling (simulation). Within the scope of the course, the following topics will also be discussed in detail: geostatistical concepts such as variogram modeling, Kriging and sequential Gaussian simulation; combination of several techniques to quantify uncertainty in a realistic dynamic reservoir simulation. Steady and unsteady state single phase flow equations through porous materials, steady and unsteady superposition will also be discussed, together with multiphase flow through porous materials. Finally, methods of reservoir characterization in homogeneous and heterogeneous reservoirs.