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.
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.