Evaluation methods for oil reserve upgrading

Abstract

Whether the predicted and controlled reserves can be upgraded is highly related to factors such as geological understanding of reservoir, technical support, and economic benefits. Especially at low-oil-price periods, the block economy has become a key factor restricting the upgrade.In order to quickly screen out economical and effective blocks from a large number of candidates, combined with the characteristics of reserve blocks, the method of calculating the economic limit of a single well is studied, and a cash flow model and calculation process of the economic limit of a single well are proposed.This method is generally applicable for the economic judgment of retained reserves and newly added reserves, moreover, it can also be applied to the evaluation of exploration and development projects at different stages, providing technical support for efficient exploration and profitable development as well.Taking an ultra-low permeability oil reservoir in a certain area of SINOPEC as an example, it is estimated that the potential reserves related to benefits are (50, 80, 120, 160, 170)×106 t at oil prices of 40, 50, 60, 70, 80 USD/bbl.

Keywords

• dimensionless production
• initial production
• economic limit
• oil reserve upgrade