COMPARATIVE ECONOMICS OF PETROLEUM PRODUCTION OPTIMIZATION TECHNIQUES.
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
ABSTRACT
Hydrocarbon production in the petroleum industry is often constrained by reservoir heterogeneity, deliverability and capacity of surface facilities, also optimization technique in the petroleum industry requires execution of several iterative runs by comparing various solutions until an optimum or satisfactory solution is found.
In this study a comparative economic analysis to aid the optimization of petroleum production was done. Two key variables, tubing sizes and choke sizes were considered, their sensitivity to production was also determined.
A prudent approach to optimizing petroleum production is by statistical and sensitivity analysis, specifically, Nodal Analysis and @Risk software were used in this work. The nodal analysis procedure consists of selecting a division point or node in the well, the system at that point was analyzed differently to optimize performance in the most economical manner, an integral analysis of the entire production system was also considered. Using @Risk software (Monte Carlo simulation), risk analysis of the objective function was done. Monte Carlo simulation sampling is a traditional technique for using random or pseudo-random numbers to sample from a probability distribution.
Substantial findings of this study shows that the tubing size of 1.90-inch had an optimal rate of production for deeper reservoir conditions used in this research using the Nodal analysis technique, also Monte Carlo simulation proves that the price of oil has the highest impact on profit for the probabilistic period of 5, 10, and 15 years followed by the rate of production while the cost of tubing has the least effect.
Related Project Materials
A critical analysis of employee retention strategies and organizational performance: A case study of healthcare firms in Jigawa State.
Background of the Study: Employee retention is one of the key challenges facing organizations across various industries, especially in healthcare....
The Relationship Between Entrepreneurial Resilience and Business Survival During Economic Crises: A Study of Nasarawa State
Background of the Study
Entrepreneurial resilience is a critical factor that determines the ability of businesses to sur...
The Effect of Curriculum Standardization on Learning Outcomes in Nigerian Schools
Background of the Study
Curriculum standardization has been a cornerstone in efforts to improve the quali...
An Assessment of Water Resources Management and Its Impact on Urban Planning in Jos North Local Government Area, Plateau State
Chapter One: Introduction
1.1 Background of the Study
Water...
ASSESSMENT OF A SPINAL CORD INJURY IN ROAD TRAFFIC ACCIDENT BY PARAMEDICS (A CASE STUDY OF FMC ABEOKUTA)
ABSTRACT
This study was carried out on assessment of a spinal cord injury in road traffic accident by p...
An appraisal of customer service system upgrades on increasing satisfaction in banking: a case study of Sterling Bank
Background of the Study
In today’s competitive banking landscape, customer service is a pivotal element that can sign...
An Investigation of Drug Abuse and Mental Health Disorders Among Teenagers in Abuja (FCT)
Background of the Study
Drug abuse among teenagers is a growing public health challenge, particularly in u...
The Impact of Leadership Styles on Governance in Ungogo LGA, Kano State: A Case Study of Council Chairpersons from 2015 to 2023
Background of the Study
Leadership is a critical determinant of governance outcomes, particularly in local government ad...
The Role of Community-Based Marine Conservation in Sustaining Fishing Businesses in Rivers State
Background of the Study
Marine ecosystems are vital to the livelihoods of fishing communities, particularly in coastal r...
An Examination of Gender Disparities in Access to Antenatal Care in Borno State
Background of the Study
Antenatal care (ANC) is crucial for monitoring and improving maternal and fetal health during pr...
