Optimization of oil well production with deference to reservoir and financial uncertainty
US6775578B2 · kind B2 · utility
53Cited by
6References
8Claims
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Assignee
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Key dates
| Filing date | Aug 16, 2001 |
| Grant date | Aug 10, 2004 |
| Priority date | — |
| Expiry date | Mar 29, 2022 |
Classification
- Technology area (CPC E)Fixed Constructions
- CPC primaryE21B43/00
- WIPO fieldCivil engineering
- WIPO sectorOther fields
Abstract
Methods for optimization of oil well production with deference to reservoir and financial uncertainty include the application of portfolio management theory to associate levels of risk with Net Present Values (NPV) of the amount of oil expected to be extracted from the reservoir. Using the methods of the invention, production parameters such as pumping rates can be chosen to maximize NPV without exceeding a given level of risk, or, for a given level of risk, the minimum guaranteed NPV can be predicted to a 90% probability. An iterative process of generating efficient frontiers for objective functions such as NPV is provided.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.