3D STOCHASTIC RESERVOIR MODELLING AND FIELD DEVELOPMENT PLANNING

1999 ◽  
Vol 39 (1) ◽  
pp. 537
Author(s):  
F.X. Jian
Keyword(s):  
Oil And Gas ◽  
New Technology ◽  
Oil And Gas Industry ◽  
Development Planning ◽  
Reserve Estimation ◽  
Gas Industry ◽  
Reservoir Modelling ◽  
Field Development ◽  
Track Record ◽  
Modelling Methods

3D stochastic reservoir modelling is an emerging new technology for the oil and gas industry and is increasingly used by oil and gas companies as a tool to support major business decisions in field development planning, and the acquisition and management of petroleum assets. However, the potential benefit that 3D stochastic reservoir modelling can offer is still overlooked by many asset teams. Conventional methods are often still applied for field development planning and reserve estimation, where over-simplified geological models are used and reservoir uncertainties are substantially under-estimated. This is one reason why the oil and gas industry does not have a good track record in estimating reserves and field development planning.3D stochastic reservoir modelling methods that incorporate the structural-stratigraphic framework, facies and petrophyscial properties can ensure that the reservoir models fully describe reservoir heterogeneity. This in turn lays a sound foundation for field development planning. The 3D stochastic reservoir modelling methods also quantify and reduce uncertainties in various aspects of the reservoir. This allows a field development plan to be more robust yet flexible enough to take the advantage of upside reserve potential and to be economically sound if the downside case occurs. Based on quantification of uncertainties, optimal well positions and well paths can be designed to maximise oil and gas recovery.

Challenges of Developing Marginal Fields in the Current Climate of Oil and Gas Industry

2021 ◽  
Author(s):  
Amina Danmadami ◽  
Ibiye Iyalla ◽  
Gbenga Oluyemi ◽  
Jesse Andrawus
Keyword(s):  
Oil And Gas ◽  
Dynamic Environment ◽  
Poor Performance ◽  
Oil And Gas Industry ◽  
Economic Benefits ◽  
Gas Industry ◽  
Field Development ◽  
Quality Technology ◽  
Indigenous Participation ◽  
Marginal Field

Abstract Marginal field development has gained relevance in oil producing countries because of the huge potential economic benefits it offers. The Federal Government of Nigeria commenced a Marginal Fields program in 2001 as part of her policy to improve the nation’s strategic oil and gas reserves and promote indigenous participation in the upstream sector. Twenty years after the award of marginal fields to indigenous companies to develop, 50% have developed and in production, 13% have made some progress with their acquisition while 37% remain undeveloped. The poor performance of the marginal field operators is due to certain challenges which have impeded their progress. A review of challenges of developing marginal fields in the current industry climate was conducted on marginal fields in Nigeria to identify keys issues. These were identified as: funding, technical, and public policy. Considering the complex, competitive and dynamic environment in which these oil and gas companies operate, with competition from renewables, pressure to reduce carbon footprint, low oil price and investors expectation of a good return, companies must maintain tight financial plan, minimize emissions from their operations and focus on efficiency through innovation. The study identifies the need for a decision-making approach that takes into consideration multi criteria such as cost, regulation, quality, technology, security, stakeholders, safety and environment, as important criteria based on which to evaluate the selection of appropriate development option for marginal fields.

Quantifying Economic Uncertainties and Risks in the Oil and Gas Industry

2021 ◽  
pp. 154-184
Author(s):  
Sorin Alexandru Gheorghiu ◽  
Cătălin Popescu
Keyword(s):  
Business Performance ◽  
Oil And Gas ◽  
Water Injection ◽  
Oil And Gas Industry ◽  
Oil Field ◽  
Gas Industry ◽  
Field Development ◽  
Drilling Rig ◽  
Oil Field Development ◽  
Oil Gas

The present economic model is intended to provide an example of how to take into consideration risks and uncertainties in the case of a field that is developed with water injection. The risks and uncertainties are related, on one hand to field operations (drilling time, delays due to drilling problems, rig failures and materials supply, electric submersible pump [ESP] installations failures with the consequences of losing the well), and on the other hand, the second set of uncertainties are related to costs (operational expenditures-OPEX and capital expenditures-CAPEX, daily drilling rig costs), prices (oil, gas, separation, and water injection preparation), production profiles, and discount factor. All the calculations are probabilistic. The authors are intending to provide a comprehensive solution for assessing the business performance of an oil field development.

Financing Requirements for the Oil and Gas Industry - North America

1988 ◽  
Vol 6 (4-5) ◽  
pp. 317-322
Author(s):  
A.F. Grove
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Field ◽  
Gas Industry ◽  
Field Development ◽  
Energy Company ◽  
Corporate Credit ◽  
Oil And Gas Field ◽  
Good Energy ◽  
Business Acumen

The characteristics of good energy company borrowers are strong management, integrity, diversification, flexibility, a sound financial basis and business acumen. Acceptable reasons for borrowing include requirements for working capital, plant expansion, modernisation, oil and gas field development and the manufacturing of oil tools and related products. Security for loans is based on the company's reserves, the duration of the debt and priority over other indebtedness. Most loans are evaluated on the grounds of general corporate credit, that is, the overall credit standing of the borrower.

Wet Compression: Performance Test of a 3D Impeller and Validation of Predictive Model

2016 ◽  
Author(s):  
Veronica Ferrara ◽  
Lars E. Bakken ◽  
Stefano Falomi ◽  
Giuseppe Sassanelli ◽  
Matteo Bertoneri ◽  
...  
Keyword(s):  
Performance Test ◽  
Oil And Gas ◽  
Dynamic Pressure ◽  
New Technology ◽  
Mechanical Damage ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Compression Performance ◽  
Laboratory Setup ◽  
Wet Compression

In the last few years wet compression has received special attention from the oil and gas industry. Here, the development and implementation of new subsea solutions are important focus areas to increase production and recovery from existing fields. This new technology will contribute to exploitation of small and remote fields and access in very deep water. In this regard liquid tolerance represents a viable option to reduce the cost of a subsea compression station bringing considerable simplification to the subsea process itself. However, the industry may experience some drawbacks: the various levels of liquid presence may create operational risk for traditional compressors; the liquid may cause mechanical damage because of erosion and corrosion of the internal units and the compressor performance might be affected too. The experimental investigation conducted in the study considers dry and wet conditions in a laboratory setup to understand how the presence of liquid influences the stage performance. The test campaign has been carried out at the Norwegian University of Science and Technology, NTNU, in Trondheim, to assess the performance and operating range of a tridimensional impeller when processing a mixture of gas and liquid phases. Experimental results allowed validating the OEM internal prediction code for compressors’ performance in wet conditions. Finally, the effect of liquid on machine operability has been assessed through a left-limit investigation by means of dynamic pressure probes readings in order to evaluate the stall/surge behaviour for different values of liquid mass fraction.

Logic Sequence Prevents Launching Devices Downhole Out of Sequence

2014 ◽  
Author(s):  
Ricardo de Lepeleire ◽  
Nicolas Rogozinski ◽  
Hank Rogers ◽  
Daniel Ferrari
Keyword(s):  
Latin America ◽  
Oil And Gas ◽  
New Technology ◽  
Specific Area ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Logic Control ◽  
Drilling Operations ◽  
Common Operation ◽  
Increasing Demand

Within the oil and gas industry, significant costs are often incurred by the operating company during the well-construction phase of drilling operations. Specifically, the operators cost to drill a well can cost tens or hundreds of millions of USD. One specific area where significant changes in drilling operations have occurred is in the offshore environment, specifically operations from mobile offshore drilling units (MODUs). With the ever-increasing demand for oil and gas, operators globally have increased drilling budgets in an effort to meet forecasted demand. However, the increased budgets are often eroded or offset by increasing drilling costs. Therefore, operators are continually in search of new technology, processes, or procedures to help improve drilling operations and overall operational efficiencies. One Latin America operator identified a common operation as a possible area where operational cost could be easily reduced through the implementation of systems that allow the manipulation of valve manifolds remotely. Additionally, operating such valve manifolds remotely enhanced operational safety for personnel, which was an equally important consideration. This paper details the evaluation of existing equipment and procedures and a process used to develop a new remote-control system using a machine logic control (MLC) that has been designed, built, tested, and deployed successfully on MODUs operating in Latin America.

scholarly journals Evaluation of Oil and Gas Economy using Economics Profit Indicators and Prototype Macro VBA Excel

2021 ◽  
Vol 1 (1) ◽  
pp. 549-558
Author(s):  
Juwairiah Juwairiah ◽  
Didik Indarwanta ◽  
Frans Richard Kodong
Keyword(s):  
Economic Analysis ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Development Project ◽  
Economic Indicators ◽  
Gas Field ◽  
Gas Industry ◽  
Field Development ◽  
Oil And Gas Field ◽  
Oil And Gas Sector

The oil and gas sector is an important factor in sustainable development, so it is considered necessary to make serious changes in conducting economic analysis on the oil and gas business. Oil and gas industry activities consist of upstream activities, and downstream activities. Activities in these upstream and downstream operations have high risk, high costs and high technology, so the company continuously tries to reduce the importance of the adverse impact of these risks on the work environment and people. Thus, evaluating the factors that affect sustainable production in this sector becomes a necessity. In this research will be evaluated the economy of the oil and gas field using methods of economic indicators, among others; NPV, POT, ROR, where these factors are estimated in order to be able to estimate the prospects of the oil and gas field so that the decision that the field development project can be implemented or cannot be taken immediately. Implementation of oil and gas field economic evaluation in this study using Macro VBA Excel. From several methods of economic analysis obtained that the results of this study show high precision compared to other methods, in addition to the way of evaluation using the above economic indicators is very popular.

scholarly journals PROBLEMS OF STRATEGIC PLANNING OF OIL AND GAS INDUSTRY IN A TURBULENT ENVIRONMENT

THE BULLETIN ◽  
2020 ◽  
Vol 5 (387) ◽  
pp. 180-187
Author(s):  
A. B. Amerkhanova ◽  
◽  
V. R. Meshkov ◽  
◽  
◽  
...  
Keyword(s):  
Strategic Planning ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Development Planning ◽  
Gas Industry ◽  
Oil Companies ◽  
Development Scenarios ◽  
Macroeconomic Indicators ◽  
Effective Development

In market conditions the external environment, economy, technology, politics, culture and society in general that affect the organization's activities are constantly changing. Therefore, strategic analysis and planning is a tool for forming an attitude to the future of the organization taking into account these changes, as a tool for reacting and adapting to such changes. To ensure the adaptability of strategic planning, effective contingency measures must be provided for in all types of planning. At the same time, at each stage of strategic planning, its adaptive potential must be realized. In a competitive economy, most domestic enterprises are required to make qualitatively new decisions for long-term effective development. Planning should facilitate the adaptation of the enterprise to market requirements in accordance with the goals and objectives of the enterprise, its internal capabilities and environmental conditions. In this regard, planning is becoming more and more strategic. However, traditional long-term planning does not lose its relevance, since strategic planning is based on traditional long-term planning. In developed market economies, tools for developing long-term development scenarios for companies have been the subject of research for decades. The experience of foreign forecasting is widely used by Kazakhstani companies today. However, as practice shows, direct use and copying of foreign experience in the development of strategies often lead to errors and distortions. In practice, Kazakh companies need to apply appropriate tools and mechanisms for strategic planning, coordinated and adapted to the specific risks. The goals and main provisions of strategic planning of oil companies are discussed in the article. The role of the oil industry in the main macroeconomic indicators of the country's development is shown.

scholarly journals Experimental study of circular inlets effect on the performances of Gas-Liquid Cylindrical Cyclone separators (GLCC)

2020 ◽  
Vol 3 (SI1) ◽  
pp. First
Author(s):  
Ho Minh Kha ◽  
Nguyen Thanh Nam ◽  
Vo Tuyen ◽  
Nguyen Tan Ken
Keyword(s):  
Oil And Gas ◽  
New Technology ◽  
Oil And Gas Industry ◽  
Critical Element ◽  
Gas Industry ◽  
Cylindrical Cyclone ◽  
Inlet Geometry ◽  
Petroleum Companies ◽  
Two Phases ◽  
The One

The gas-liquid cylindrical cyclone (GLCC) separators is a fairly new technology for the oil and gas industry. The current GLCC separator, a potential alternative for the conventional one, was studied, developed, and patented by Chevron company and Tulsa University (USA). It is used for replacing the traditional separators that have been used over the last 100 years. In addition, it is significantly attracted to petroleum companies in recent years because of the effect of the oil world price. However, the behavior of phases in the instrument is very rapid, complex, and unsteady, which may cause the difficulty of enhancing the performance of the separation phases. The multiple recent research shows that the inlet geometry is probably the most critical element that influences directly to the performance of separation of phases. Though, so far, most of the studies of GLCC separator were limited with the one inlet model. The main target of the current study is to deeply understand the effect of different geometrical configurations of the circular inlet on performances of GLCC by the experimental method for two phases flow (gas-liquid). Two different inlet configurations are constructed, namely: One circular inlet and two symmetric circular inlets. As a result, we propose the use of two symmetric circular inlets to enhance separator efficiency because of their effects.

Subsurface-to-Economics Closing the Loop on Uncertainty Analysis

2021 ◽  
Author(s):  
Galvin Shergill ◽  
Adrian Anton ◽  
Kwangwon Park
Keyword(s):  
Measurement Errors ◽  
Oil And Gas ◽  
Uncertainty Modeling ◽  
Weather Forecast ◽  
Oil And Gas Industry ◽  
Development Planning ◽  
Gas Field ◽  
Field Development ◽  
Development Scenarios ◽  
Uncertainty Model

Abstract We are all aware that our future is uncertain. Although some aspects can be predicted with more certainty and others with less, essentially everything is uncertain. Uncertainty exists because of lack of data, lack of resources, and lack of understanding. We cannot measure everything, so there are always unknowns. Even measurements include measurement errors. Also, we do not always have enough resources to analyze the data obtained. In addition, we do not have a full understanding of how the world, or the universe, works (Park 2011). Every day we find ourselves in situations where we must make many decisions, big or small. We tend to make the decisions based on a prediction, despite knowing that it is uncertain. For instance, imagine how many decisions are made by people every day based on the probability of it raining tomorrow (i.e., based on the weather forecast). To have a good basis for making a decision, it is of critical importance to correctly model the uncertainty in the forecast. In the oil and gas industry, uncertainties are large and complex. Oil and gas fields have been developed and operated despite tremendous uncertainty in a variety of areas, including undiscovered media and unpredictable fluid in the subsurface, wells, unexpected facility and equipment costs, and economic, political, international, environmental, and many other risks. Another important aspect of uncertainty modeling is the feasibility of verifying the uncertainty model with the actual results. For example, in the weather forecast it was announced that the probability of raining the next day was 20%. And the next day it rained. Do we say the forecast was wrong? Can we say the forecast was right? In order to make sure the uncertainty model is correct; we should strictly verify all the assumptions and follow the mathematically, statistically, proven-to-be-correct methodology to model the uncertainty (Caers et al. 2010; Caers 2011). In this paper, we show an effective, rigorous method of modeling uncertainty in the expected performance of potential field development scenarios in the oil and gas field development planning given uncertainties in various domains from subsurface to economics. The application of this method is enabled by using technology as described in a later section.

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