The significant heterogeneity of fracture-caved gas reservoirs and the phase transition behavior with pressure depletion pose great challenges for flow behavior analysis and property estimation. Therefore, the objective of this paper is to develop robust and novel pressure transient analysis models for condensate-gas flow under pressure depletion in fracture-caved gas reservoirs. To characterize the complex connections between wellbore, fracture region, and caves, four conceptual models of wellbore–fracture–cave distributions are determined. The fracture region is considered as a dynamic three-zone (dry gas zone, condensate-gas two-phase zone, and transition zone) to characterize the phase transition during pressure depletion, while a variable storage concept is introduced to describe the phase transition in the wellbore and caves. The results indicate that six typical flow stages can be observed from the type curves: constant wellbore storage flow, variable wellbore storage flow, fracture linear flow (FLS), constant cave storage flow, variable cave storage flow, and transition flow. Moreover, the phase transition behavior in the fracture region is reflected in the changes of one-half slope straight lines during the FLS period, while the phase transition behavior in the wellbore and caves is reflected in the pressure derivative curve as a positive upward bending of the straight line with unit slope at later stage. The property estimation in the fracture-caved gas reservoirs (i.e., length and permeability of the fracture region, the storage coefficient of wellbore and cave) by matching with the actual pressure monitoring data provides a better understanding of the geological evidence.
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