Department of Petroleum Engineering, Covenant University, Ota PMB 1023, Ogun State, Nigeria; Faculty of Environmental Studies, China University of Geosciences, Wuhan, Hubei 430074, China
Orodu, O., Department of Petroleum Engineering, Covenant University, Ota PMB 1023, Ogun State, Nigeria; Tang, Z., Faculty of Environmental Studies, China University of Geosciences, Wuhan, Hubei 430074, China
Using a decision tree and stochastic parameters, expected monetary value is calculated to evaluate optimal sidetrack time. In view of placing a high confidence level on analytical approach to optimal sidetrack time for a waterflooded reservoir based on possible uncertainty of economic and reservoir parameters and probability of sidetrack success, a major assumption on a parameter in a previous study is re-evaluated. Material balance and displacement efficiency are used to re-evaluate this critical waterflood performance parameter. The change in the relative influence of the stochastic parameters to optimal sidetrack time due to re-evaluation calls for much attention with probable need to further reduce assumptions made, however insignificant the parameter may be. This change will affect the degree of acceptability of the analytical approach. The probability of success of sidetrack sums up the geological and technical uncertainties, deconvolution of these will give the analytical approach an edge.
Analytical approach; Displacement efficiency; Expected monetary values; High confidence; Material balance; Performance parameters; Probability of success; Re-evaluation; Reservoir parameters; Risk evaluation; Sidetrack; Stochastic parameters; Uncertainty; Water flood; Waterflooded reservoirs; Decision trees; Optimization; Rating; Stochastic systems; Parameter estimation