Abstract
This paper presents an efficient technique to optimize a gas condensate field development plan under economic uncertainties. Many studies have been conducted to optimize development plan but mostly limited to oil field under fixed economic environments and required huge number of simulation runs. It is proved that black oil model can be a reasonable alternative of compositional model to complete field development optimization within acceptable period when reservoir pressure is higher enough than dew point pressure. This study implements Monte-Carlo simulation to Genetic Algorithm to assess economic uncertainties while optimization procedure is being performed and to avoid duplicating whole optimization procedure by changing economic assumptions. An idea for setting optimization variables for well placement is also introduced to reduce required number of simulation runs. A real field application confirms that the technique can be applied to optimize a gas condensate field with contractual gas sales obligation, and the idea plays a key role to find the optimized solution with limited resources by reducing the number of simulation runs required during the optimization procedure. The proposed technique can be applied to optimize not only full field development plan but also reservoir management plan and it will be helpful to improve economics of all kinds of E&P projects under lots of uncertainties.
Highlights
Optimization is definitely required to make an investment decision of full field development in oil and gas industry since it costs from hundreds million to several billion dollars or more in many cases
Simulation results from the base case with several combinations of gas production and injection are put into the economic analysis model, and the model runs Monte-Carlo simulation with variable sets of economical input parameters such as gas and oil price following pre-defined distribution functions
The proposed workflow is applied to a gas condensate field located in the northern part of Cuulong basin, offshore southern Vietnam
Summary
Optimization is definitely required to make an investment decision of full field development in oil and gas industry since it costs from hundreds million to several billion dollars or more in many cases. There are a lot of choices associated with development planning, including items such as: number of wells, well placement, drilling sequence, producer to injector ratio, production and injection rate limits, and completion interval. These choices lead to a huge number of potential candidates of development designs when they are coupled with economic uncertainties. Rather than hundreds of designs are fully simulated and investigated. From these results a final design is selected (Litvak and Angert, 2009)
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