Document Type : Research Paper
Authors
1 Associated Professor, Department of Oil & Gas Economics and Management, Petroleum University of Technology-Tehran Faculty of Petroleum
2 M.S. in Hydrocarbon Reservoirs Management , Petroleum University of Technology, Tehran, Iran
3 Petroleum University of Technology
Abstract
In this study, by using a relatively complex reservoir model and reservoir simulator, the gas injection process was investigated from two technical and economic perspectives. This reservoir model has 4 production wells and 3 gas injection wells, which are in operational conditions for a period of 15 and 10 years. Since gas injection with higher pressures in the reservoir requires more gas supply to stabilize the pressure, from a technical point of view, the effect of different injection pressures on the improvement of the final recovery factor and cumulative oil production was investigated. The findings show that all gas injection scenarios due to the increase in the oil recovery factor (injection with well bottom pressure in the scenarios of 3750, 4000, 4250, and 4500 psi led to an improvement of 10, 12, 13.7 and 15% respectively) compared to natural depletion (no gas injection in the reservoir) is desirable. From an economic point of view, after sensitivity analysis of the parameters related to production and injection (such as the price of produced oil, the price of produced gas, the cost of injected gas, and the discount rate), the results show that the increase in the price of oil and produced gas increases the economic added value of gas injection projects. Considering various parameters for the price of export gas as well as gas export costs (capital and operational), comparing the added value of gas injection projects with gas export showed that the higher the price of export gas, the more favorable gas export projects are compared to gas injection. Also, as the cost of gas export increases, the desirability of gas export decreases compared to gas injection in the reservoir.
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