COMPARATIVE ECONOMICS OF PETROLEUM PRODUCTION OPTIMIZATION TECHNIQUES

COMPARATIVE ECONOMICS OF PETROLEUM PRODUCTION OPTIMISATION TECHNIQUES

TABLE OF CONTENTS

ABSTRACT……………………………………………………………………………….. iii

DEDICATION……………………………………………………………………………… v

LIST OF Tables:

LIST OF Figures:

CHAPTER ONE:

1.1  Background of the Study

1.2  Statement of Problem…………………………………………………………………….. 3

1.3      Aim and Objective of the Thesis…………………………………………… 3

1.4 Organisation of the Thesis

CHAPTER TWO:…………………………………………………………………………. 5

2.1   Overview of Petroleum Production Optimisation Techniques

2.2  The Petroleum Production Optimization Techniques…………………… 5

2.3  Production Optimisation Based on Surface Tubing

2.4  Production Inflow Performance Relationship (IPR)

2.4.1  Vogel’s Equation…………………………………………………………………………………… 8

2.5  Production Outflow Performance Relationship (OPR)

2.6  Chokes Performance in Production Optimization……………………… 12

2.7 Tubing Performance in Production Optimization……………………….. 14

CHAPTER THREE…………………………………………………………………….. 16

3.0  Methodology…………………………………………………………………….. 16

3.1  Introduction…………………………………………………………………….. 16

3.2  Statistical and Sensitivity Analysis………………………………………….. 16

3.2.1  Overview of Nodal Analysis………………………………………………… 17

3.2.2  @Risk Software…………………………………………………………………. 19

CHAPTER Four:…………………………………………………………………….. 21

4.1  Introduction…………………………………………………………………….. 21

4.2  Gilbert’s Correlation for Selecting Choke Sizes

4.3 Economic Analysis of Various Tubing Sizes

CHAPTER Five:…………………………………………………………………….. 51

5.0      Conclusion and Recommendation……………………………………….. 51

5.1      Conclusions………………………………………………………………………. 51

5.2      Recommendations…………………………………………………………………….. 51

REFERENCES…………………………………………………………………………… 52

APPENDIX………………………………………………………………………………… 54

 

ABSTRACT

Hydrocarbon production in the petroleum industry is often constrained by reservoir heterogeneity, deliverability, and the capacity of surface facilities. Optimisation techniques in the petroleum industry also require the execution of several iterative runs by comparing various solutions until an optimum or satisfactory solution is found.

In this study, a comparative economic analysis to aid in the optimisation of petroleum production was done. Two key variables, tubing sizes and choke sizes, were considered, and their sensitivity to production was also determined.

A prudent approach to optimising petroleum production is statistical and sensitivity analysis; specifically, Nodal Analysis and @Risk software were used in this work. The nodal analysis procedure consists of selecting a division point, or node, in the well. The system at that point was analysed differently to optimise performance most economically, and an integral analysis of the entire production system was also considered. Using @Risk software (Monte Carlo simulation), risk analysis of the objective function was done. Monte Carlo simulation sampling is a traditional technique for using random or pseudo-random numbers to sample from a probability distribution.

The substantial findings of this study show that the tubing size of 1.90 inches has an optimal rate of production for the deeper reservoir conditions used in this research using the nodal analysis technique. Also, the Monte Carlo simulation proves that the price of oil has the highest impact on profit for the probabilistic periods of 5, 10, and 15 years, followed by the rate of production, while the cost of tubing has the least effect.

Keywords: petroleum production, optimisation techniques, comparative economics, reservoir characterization, enhanced oil recovery, drilling technologies, production management, economic viability, profitability.

COMPARATIVE ECONOMICS OF PETROLEUM PRODUCTION OPTIMISATION TECHNIQUES. GET MORE OIL AND GAS/PETROLEUM ENGINEERING PROJECT TOPICS AND MATERIALS

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