Technical and economic assessment of the development of a Colombian Tight Oil reservoir: a simulation case study of Valle Medio del Magdalena basin

Abstract

Conventional oil reserves in Colombia are depleted. The country´s reserve-to-production ratio is estimated as 5 years. Therefore, the search for new resources and their conversion into proven reserves are essential. In this case, the production of unconventional reservoirs is an option in Colombia. This work evaluates the technical and economic feasibility of the production of a Tight Oil source rock reservoir, considering parameters such as fracture shape factor, fracture propagation, fracture pressure, international oil price, petrophysical characteristics, fluid properties, drilling cost, completion, and fiscal regime. The methodological development of the work allowed concluding that this reservoir located in the middle Magdalena Valley basin has production potential and those factors such as the type of completion, drilling technique, and cost of lifting the resource have a significant impact on the viability of the project.

Keywords

• unconventional resources;
• drilling and completion;
• Middle Magdalena Valley basin;
• Tight Oil field