Multi-component thermal luid technology optimizes development effects and has a strong adaptability, providing a new choice for the efficient development of heavy oil reservoirs. However, due to the significant differences between the phase behavior of multi-component thermal-fluid-heavy oil systems and conventional systems, and the lack of targeted and large-scale research, key issues such as the phase behavior of these systems are unclear. This research studies the phase behavior and influencing factors of emulsions and foamy oil in a multi-component thermal-fluid-heavy oil system through high-temperature and high-pressure PVT experiments, revealing the characteristics of the system’s special phase behavior. In the heavy oil emulsion system, the water content directly affects changes in the system’s phase state. The higher the temperature, the larger the phase transition point, and the two are positively correlated. As the stirring speed increases, the phase transition point first increases and then decreases. The amount of dissolved gas is negatively correlated with the size of the phase transition point, and dissolution can form foamy oil. In the heavy oil–foamy oil system, the dissolution capacity of CO2 is greater than that of multi-component gases, which is greater than that of N2. A high water content and high temperature are not conducive to the dissolution of multi-component gases. While an increase in stirring speed is beneficial for the dissolution of gases, there are limitations to its enhancement ability. Therefore, the development of multi-component thermal fluids should avoid the phase transition point of emulsions and promote the dissolution of multi-component gases.
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