Evaluation of oil recovery and economics of waterflooding in Nigeria
Department of Petroleum Engineering, Federal University of Technology, Nigeria
Waterflooding helps in the recovery of great amount of oil that would have otherwise been abandoned in the reservoir that is depleted. A reservoir in the Niger Delta, Reservoir OB-63 has been used to illustrate this. Reservoir OB-63 had oil initially in place as 9.6346 MMSTB and was produced for some time with the reservoir natural energy. The remaining oil in the reservoir as at the time that the natural energy of the reservoir was no more sufficient to produce oil was 3.88MMSTB. The reservoir has been left as depleted reservoir with the remaining oil in it. But from the analysis conducted in this work it is seen that if secondary oil recovery project by waterflooding is embarked on the reservoir, part of the remaining abandoned oil would be recovered. With the specifications given, about 1.59MMSTB of the 3.88MMSTB of oil in reservoir OB-63 would be produced as at the breakthrough time of 760 days. Moreover, considering the economic aspect of the project, reservoir OB-63 and is good to be invested in. From the NPV calculations performed, it is seen that the NPV of reservoir OB-63 at discount rate of 10% is $5.30 million. Since the NPV at the time of breakthrough is greater than zero, it is worth investing in.