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- W3100769256 abstract "Abstract Design, evaluation and approval of a field development plan is generally very iterative, requiring meetings, design and execution of simulation models, then financial reviews, back to updating and running the models, then financial evaluations again, and on and on. This paper presents a system (tools and processes) designed to significantly reduce the iterations of simulation runs and financial reviews. This is accomplished through implementing financial logic directly inside the model. This novel ability assesses and controls individual well operations every time step, eliminating the need to modify (and rerun) a model after every run due to financial review indicating a well is losing money and needs to be shut in or modified. Even with the simple model presented, with 23 wells, at least one new iteration would be required every time post run financial analysis indicates a well's operation needs modification due to its financial performance. This would require a minimum of 23 additional runs because changing a well will also impact the performance of other nearby wells. The system presented also provides the flexibility to configure multiple parameters into the model, enabling the automatic execution of multiple combinations of operational and financial scenarios. Such a capability enables the rapid analysis and review of parameter impacts resulting in the confidant selection of the best operating for the organization. The impact of financial realities is demonstrated through the simulation of operating five different field scenarios, each with its own combination of producers and injectors. A variety of operational and financial parameters were included. The results indicate that including financial parameters and decisions inside the simulation run significantly improves the usefulness of the production forecast and provides considerable efficiencies in the modeling and analysis processes." @default.
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- W3100769256 date "2020-11-12" @default.
- W3100769256 modified "2023-09-26" @default.
- W3100769256 title "Efficient Optimization and Uncertainty Analysis of Field Development Strategies by Incorporating Economic Decisions in Reservoir Simulation Models" @default.
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