Implementing potential risk assessment under economic and technical aspects in petroleum production stage

Abstract

Industries grapple with formidable challenges stemming from uncertainties that not only impede economic growth but also introduce risks in technical realms, impacting operational procedures, performance, and associated services. Addressing prevalent risks in geology, economics, operations, development, and production stages becomes imperative, prompting the implementation of robust risk management and control measures. These measures are vital to ensuring production efficiency, preserving economic values, and conducting a comprehensive risk analysis that influences project outcomes, ultimately guiding investment decisions. The research at hand aims to delve into the intricate web of factors influencing production performance and to conduct a thorough risk assessment grounded in economic values and production rates, specifically focusing on well X. Employing a holistic approach, the study seamlessly integrates qualitative and quantitative methods, utilizing sophisticated tools such as Nodal Analysis, the material balance equation (MBE), and risk assessment based on net present value (NPV) through the utilization of Crystal Ball software. The overarching goal is to provide a nuanced and comprehensive understanding of the multifaceted dynamics influencing the production of well X. In summation, the analysis conducted in this study serves as a valuable foundation for informed decision-making processes. By identifying and thoroughly assessing factors that impact production and the economic aspects of well X, the research seeks to mitigate risks during the production stage and guide investment decisions. The amalgamation of qualitative and quantitative methodologies employed in this study not only enriches the depth of understanding but also contributes to a more sophisticated approach to decision-making in the intricate domains of production and investment. Ultimately, the recommendations derived from this study are poised to enhance the resilience of well X in the face of uncertainties, bolstering both its production performance and economic viability.