Comparative Economics Of Petroleum Production Optimization Techniques

Project and Seminar Material for Petroleum Engineering

Project and Seminar Material for Petroleum Engineering


Abstract


Hydrocarbon production in the petroleum industry is often constrained by reservoir heterogeneity, deliverability and capacity of surface facilities, also optimization technique in the petroleum industry requires 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 the optimization of petroleum production was done. Two key variables, tubing sizes and choke sizes were considered, their sensitivity to production was also determined.

A prudent approach to optimizing petroleum production is by 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 analyzed differently to optimize performance in the most economical manner, 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.

Substantial findings of this study shows that the tubing size of 1.90-inch had an optimal rate of production for deeper reservoir conditions used in this research using the Nodal analysis technique, also Monte Carlo simulation proves that the price of oil has the highest impact on profit for the probabilistic period of 5, 10, and 15 years followed by the rate of production while the cost of tubing has the least effect.


Chapter One:


1.0 Introduction

1.1 Background Of The Study

Hydrocarbon production in the petroleum industry are often constrained by reservoir heterogeneity, deliverability and capacity of surface facilities. As optimization algorithms and reservoir simulation techniques continue to develop and computing power continues to increase, upstream oil and gas facilities previously assumed not to be candidates for advanced control or optimization have being given new considerations (Clay et al., 1998).

An optimization technique is a procedure which is executed iteratively by comparing various solutions till an optimum or a satisfactory solution is found.

However, Wang (2003) addressed some problems associated with optimizing the production rates, lift gas rates, and well connections to flow lines subject to multiple flow rate and pressure constraints to achieve certain short-term operational goals. This problem is being faced in many mature fields and is an important element to consider in planning the development of a new field.

Nonlinear Optimization, also known as nonlinear programming has proven itself as a useful technique to reduce costs and to support other objectives, especially in the refinery industry whereas linear optimization is a method applicable for the solution of problems in which the objective function and the constraints appear as linear functions of the decision variables. The constraint equations may be in the form of equalities or inequalities. Furthermore, it had been used to determine the most efficient way of achieving optimal outcome for example, to maximize profit or to minimize cost in a given mathematical model. It can be applied to numerous fields like business or economics situations, and also in solving engineering problems. It is useful in modeling diverse types of problems in planning, routing, scheduling, assignment and design.

Carroll (1990) applied a multivariate optimization techniques to a field produced by a single well. The model used in his research includes a single oil well field. However, only the separator model was compositional, and no engineering parameters were allowed to vary with time. He used two types of optimization routines that is, Gradient methods and Polytope methods. However, Ravindran (1992) applying the same technique but allowed for gas-lift and engineering parameters to vary with time. Again, Fujii in 1993 improved the technique by allowing a network of wells connected at the surface, he also studied the utility of genetic algorithms for petroleum engineering optimization.

Regarding some paper view, the application of optimization techniques to solve problems in the upstream sector of petroleum Exploration and Production has been surprisingly limited not taking into account the enormous important of the E&P activities to the hydrocarbon enterprise and to the global energy systems and the economy as a whole.

Over time, development in the petroleum industry resulted in optimization methods improving in its ability to handle various problems. In optimization of a design, the design objective could be to minimize the cost of production or to maximize the efficiency of production.

In this work methodology used include Statistical and Sensitivity Methods:

  1. Nodal Analysis
  2. @Risk Software (Monte Carlo simulation)

Comparative Economics Of Petroleum Production Optimization Techniques


Project Material Download

3,000 Naira


The complete material will be sent to you in just 2 steps.

Quick & Simple…


Step One Purchase

Make payment of ₦3,000: through USSD Transfer, Bank Mobile App, ATM Transfer, or POS Transfer to:

Access Bank PlcAccount No.: 0811003731
Name: Samphina Academy
Account Type: Current

Or Click Here to pay with Debit Card

FOR CLIENTS OUTSIDE NIGERIA:
Click Here to pay with Debit Card ($15)
GHANA – Make Payment of 60 GHS to MTN MoMo, 0553978005, Douglas Osabutey 

  PAY WITH CRYPTOCURRENCY


Step Two Purchase

Send the following details through Text Message or WhatsApp Messenger | +234-8143831497

  • Payment Details 
  • Email Address 
  • Comparative Economics Of Petroleum Production Optimization Techniques

The complete material will be sent to your email address after receiving your payment information | T & C Apply


  Contact Our Help Desk


You may also like:

⚠️ Need a different topic? Perform a quick search



Get A Complete Business Plan For Any Business In Nigeria

Business Plan for Businesses in Nigeria

  Business Plans in Nigeria


Comparative Economics Of Petroleum Production Optimization Techniques


Disclaimer

This research material “Comparative Economics Of Petroleum Production Optimization Techniques” is for research purposes and should be used as a guide in developing your research project / seminar work. For no reason should you copy word for word (verbatim) as samphina.com.ng will not be liable for any who copied the material.

The aim of providing this material is to reduce the stress of moving from one school library to another all in the name of searching for research materials. This service is legal because, all institutions permit their students to read previous projects, books, articles or papers while developing their own works. According to Austin Kleon “All creative work builds on what came before”.

samphina.com.ng is only providing this material “Comparative Economics Of Petroleum Production Optimization Techniques” as a reference for your research. The paper should be used as a guide or framework for your own paper. The contents of this paper should be able to help you in generating new ideas and thoughts for your own research. Use it as a guidance purpose only.


How to defend your research work


This is a general guide on how to defend your research work:

1. Prepare For Questions:

If you are preparing for questions that may be asked during your defense, then your answers will flow smoothly and effectively. This will prove your knowledge on the subject e.g “Comparative Economics Of Petroleum Production Optimization Techniques“, and strengthening your argument. Ask friends and family, read your work for them to listen to your presentation, and write down questions. You may be lucky the panel will ask you those you have already prepared on.

2. Strong Summary:

Summarizing your chapters will help keep your audience focused because it is easy for a mind to drift, so providing summaries will ensure your panel will follow along, even if they lose focus for a brief moment. Visual aides, such as graphs and power-point presentations can be very helpful. If you are going to use these, make sure you will practice your presentation with them.

3. Be Confident in Your Research Work:

Not knowing your topic “Comparative Economics Of Petroleum Production Optimization Techniques” inside out will cause you to struggle and ultimately fail with your defense. You need to know the subject from every angle to ensure you are fully prepared for any question that may come your way.

4. Conclusion:

Reinforce your findings to conclude your defense. The finale of your presentation should focus on proving the work that has been done. You may need to recap on what has changed and remained unchanged, if is necessary.

5 . Listen:

Before you get defensive or recite a particular answer, make sure you truly understand the question being asked. Being a good listener is an important quality, because providing an inaccurate or off-topic answer will also weaken the validity of your paper.

Samphina Academy

Samphina Academy is an Online Educational Resource Center that is aimed at providing students with quality information and materials to aid them in succeeding in their academic pursuit.