Computer Model for Comparative Economic Analysis of Enhanced Oil Recovery Projects. GURC Report No. 184A

摘要

A computer model has been developed for comparative analysis of enhanced oil recovery (EOR) project economics which affords the versatility to analyze economic sensitivities for most injection sequences and economic aspects of several different types of enhanced oil recovery processes. Input of economic parameters is in terms of constant value dollars for investments and operating costs. Input of project performance is by specifying cumulative fractional oil recovery versus cumulative pore volumes of material injected. Risk can be appraised by input of three such relations, i.e., expected, good, and poor performance, each of which can be probability-weighted. Conversion to time-rate of recovery is done internally, either through input transmissibility data or user specified pore volume injection rate for each injection stage. Economic sensitivities to various input parameters are in terms of a new economic parameter, present value cost per present value barrel, which was developed in the course of this work. Project performance and economic data from Maraflood projects in Pennsylvania and Illinois were utilized to demonstrate model capability. Economic sensitivities are presented for variation in: barrels per acre-foot recovered, time rate of recovery, cost of chemical slug, cost of polymer, initial investment, and direct operating cost. The model is intended primarily for investigation of economic sensitivites to parameters like: oil in place at project initiation, recovery efficiency, transmissibility, and material-investment-operating costs. It is not intended for a stand alone evaluation of the feasibility of undertaking a specific project, although it can be used in support of programs designed to do so. (ERA citation 06:023121)