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Results
Abstract This study has focused on the development of a method to test the economic viability of Enhanced Oil Recovery (EOR) versus infill well drilling where the challenge is to compare polymer flooding scenarios with infill well drilling scenarios, not just based on incremental recovery, but on Net Present Value as well. In a previous publication (Alusta et al., 2011, SPE143300) the method was developed to address polymer flooding, but it can be modified to suit any other EOR methods. The method has been applied to a synthetic scenario with constant economic parameters, which has demonstrated the impact that oil price can have on the decision making process. The method was then applied and tested (Alusta et al., 2012, SPE150454) with varied operational and economic parameters to investigate the impact in delaying the start of polymer flooding to identify whether it is better to start polymer flooding earlier or later in the life of the project. Consideration was also given to the optimum polymer concentration, and the impact that factors such as oil price and polymer cost have on this decision. Due to the large number of combined reservoir engineering and economic scenarios, Monte Carlo Simulation and advanced analysis of large data sets and the resulting probability distributions had to be developed. In this paper the methodology is applied to an offshore field where the choice has already been made to drill infill wells, but where we test the robustness of the method against a conventional decision making process for which there is historical data. We do this by performing calculations that compare the infill well scenario chosen with a range of polymer flooding scenarios that could have been selected instead, to identify whether or not the choice to drill infill wells was indeed the optimum choice from an economic perspective. We conclude from all the reservoir simulations and subsequent economic calculations that the decision to drill infill wells was indeed the optimum choice from an economic perspective.
- Europe > United Kingdom > North Sea > Central North Sea (1.00)
- Asia (0.68)
- Europe > United Kingdom > North Sea > Central North Sea > Central Graben > Block 22/18 > Wood Field > Upper Forties Sandstones Formation (0.99)
- Europe > United Kingdom > North Sea > Central North Sea > Central Graben > Block 22/18 > Wood Field > Sele Formation (0.99)
- Europe > United Kingdom > North Sea > Central North Sea > Central Graben > Block 22/18 > Shaw Field > Upper Forties Sandstones Formation (0.99)
- (42 more...)
Abstract In a previous publication we introduced a methodology to assist in choosing between Enhanced Oil recovery (EOR) and infill well drilling (SPE 143300). Operating companies are often reluctant to use EOR techniques when they have the option of infill well drilling instead. Reasons for this include how operating companies assess and manage risk and uncertainties. The methodology developed includes performing reservoir calculations to evaluate additional recovery using both techniques, and then using data generated as input to economic analysis. In the previous work, polymer flooding for 10 years after two years of waterflooding was studied using a synthetic reservoir model. The technique involved running a range of reservoir simulation scenarios to test possible recovery outcomes; these outcomes then provide input data that will be used in the probabilistic economic evaluation tool to be introduced as a follow up in this paper. This current paper presents the results of the impact of operational factors, such as delaying the start of polymer flooding. This involves assessing the best possible timing for polymer injection to achieve optimal economics. This type of assessment is possible because the economic model developed and presented here allows input from multiple reservoir simulation sensitivity calculations. Monte Carlo Simulation (MCS) is then performed to establish confidence in the method, and test economic uncertainties and the risks associated with implementation of polymer flooding. Defining variables with a probability distribution can establish more precisely the economic value of the polymer flooding project. The analysis of uncertainty involves measuring the degree to which input contributes to uncertainty in the output. MCS is a statistics based analysis tool that yields probability impact on Net Present Value (NPV) of the key operational parameters included in the project (oil, water and polymer production and injection costs, polymer concentration, timing, etc.) and various economic factors (oil price, polymer cost, etc).
- Asia (1.00)
- Africa (0.93)
- North America > United States > Oklahoma (0.46)
- North America > United States > Texas (0.28)
- Asia > China > Heilongjiang > Songliao Basin > Daqing Field > Yian Formation (0.99)
- Asia > China > Heilongjiang > Songliao Basin > Daqing Field > Mingshui Formation (0.99)