Oil and Gas Production Forecasting Using Decision Trees, Random Forst, and XGBoost

Abstract

Oil and gas production forecasting has always been a hot topic in the petroleum industry. Production forecasting in this sector aims to estimate future production rates, facilitating operational planning, production optimization, and resource allocation for companies. Scientists have traditionally attempted to forecast oil and gas production using methods such as Numerical Reservoir Simulation (NRS) and Decline Curve Analysis (DCA). However, these methods present challenges including time-consuming processes lasting hours or even days, uncertain accuracy, reliance on accurate static models, and uncertainty in dynamic model parameters. In this research, aim to address these limitations by leveraging machine learning models for production forecasting. These models enable faster and more precise decision-making by accurately predicting future outcomes based on historical data. Our study employs three models: Decision Trees (DTR), Random Forest (RFR), and XGBoost. In this reserch utilize the Python programming language and a dataset from wells in New York State, USA. Experimental results demonstrate that the RFR model achieves the highest accuracy (99%) for oil and gas production compared to the XGBoost and DTR models.