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 3000
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
THE INFLUENCE OF INTERNAL MOBILITY ON RECRUITMENT STRATEGIES
Abstract 1 THE INFLUENCE OF INTERNAL MOBILITY ON RECRUITMENT STRATEGIES
This study investigates the influence of internal mobility on rec...
THE ROLE OF THIRD-PARTY LOGISTICS PROVIDERS IN SUPPLY CHAIN OPERATIONS
Abstract: THE ROLE OF THIRD-PARTY LOGISTICS PROVIDERS IN SUPPLY CHAIN OPERATIONS
This study aims to explore the role of third-party logis...
ASSESSING THE HEALTH IMPACT OF WATER TREATMENT TECHNOLOGIES USED BY SACHET WATER FACTORIES IN NASURU TOWN, NINGI LOCAL GOVERNMENT AREA OF BAUCHI STATE
ABSTRACT
This study was carried out on assessing the health impact of water treatment technologies used...
DIGITAL MEDIA LITERACY AND INNOVATION TEACHING SKILL AMONG COMMUNICATION EDUCATORS IN EBONY STATE USING EBSU AND FUNAI AS A CASE STUDY
BACKGROUND OF THE STUDY
It is becoming more typical for individuals who live in the 21st century...
THE EFFECTS OF INVENTORY MANAGEMENT AND CONTROL ON THE PERFORMANCE OF SMALL MANUFACTURING COMPANIES
Background of the Study
Inventories are vital to the successful functioning of manufacturing and retail...
AUDIENCE PERCEPTION OF MEDIA COVERAGE AND MANAGEMENT OF THE 2011 POST ELECTION VIOLENCE IN KADUNA STATE
ABSTRACT
The media can be used as an instrument to build as well as to destroy the hum...
IMPACT OF NON-OIL EXPORT ON NIGERIAN ECONOMY (1986-2010)
ABSTRACT
The study investigated the impact of non-oil exports on Nigerian economy during the period of 1986-2010. This study was carried...
THE IMPACT OF INTERNATIONAL ACCOUNTING FOR E-COMMERCE AND DIGITAL TRANSACTIONS
ABSTRACT
This research investigates THE IMPACT OF INTERNATIONAL ACCOUNTING FOR E-COMMERCE AND DIGITAL TRANSACTIONS, aiming to understand...
PRELIMINARY PHYTOCHEMICAL SCREENING, QUALITY ASSESSMENT AND MINERAL CONTENT DETERMINATION OF SELECTED BRANDS OF GREEN TEA MARKETED IN NIGERIA
ABSTRACT
Green tea in its purest and most unadultered form has always influenced human health for generations. Though green tea is not of...
INFLUENCE OF INFORMATION SOURCES ON KNOWLEDGE, ATTITUDE AND PRACTICE OF EXCLUSIVE BREASTFEEDING AMONG NURSING MOTHERS
ABSTRACT
This study was conducted to assess the influence of information sources on knowledge and attitude of nursing mother...
