"The economic evaluation of a petroleum reservoir involves two fundamental operations; 1) predicting future production behaviour, 2) determining the present worth or this future production. This thesis purposes to eliminate the necessity of repeated calculation which is required in performing the second operation under existing methods.
Because the first operation, that of predicting future behaviour, is necessarily an estimate, there is an apparent tendency to employ approximate methods in the determination of present worth. The evaluation method developed in this paper confines estimation to the first operation, where it rightly belongs, and treats all subsequent work with mathematical exactness.The estimation of petroleum reserves and future production rates has received considerable attention in the past. Various techniques for predicting behaviour have been devised and successfully applied to petroleum reservoirs. Where production is obtained by gas cap and solution gas drives, the application of decline curves can often supply a dependable prediction of future rates. It has been found, in these cases, that the instantaneous rate of uncurtailed production declines in a regular manner and is a function of the conditions within the reservoir at the instant in question. Since these conditions are in turn a function of past production, it is justifiable to extrapolate the decline curve to predict future rates. Such an extrapolation is of course purely empirical and is based on the assumption that the future behaviour of a reservoir will be governed by whatever trend or mathematical relationship is apparent in its past performance"--Introduction, pages 1-2.
Roston, J. Paul
Mining and Nuclear Engineering
M.S. in Mining Engineering
Missouri School of Mines and Metallurgy
v, 47 pages
© 1957 Charles G. Edwards, All rights reserved.
Thesis - Open Access
Petroleum industry and trade -- Economic aspects
Oil fields -- Valuation -- Mathematical models
Oil fields -- Production methods -- Economic aspects
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Electronic OCLC #
Link to Catalog Record
Edwards, Charles G., "A simplified mathematical method for petroleum property evaluation" (1957). Masters Theses. 2564.