Econometric Models to Manage Oil Wells Production

Abstract:

As we have previously stated, this paper is part of a larger research aiming to build up econometric models applicable in oil industry that may be useful for managers working in oil industry. In the first part, this paper deals with models that describe two-dimension motion in homogenous porous environment, namely motion generated by an oil well in a deposit with linear supply contour. In the second part, the article deals with the law of flow line refraction that occurs in the case of the motion of a fluid through a series of porous environment with zonal constant permeability. In the end, the paper deals bi-dimensional motion that is the motion generated by an oil well in a porous environment with zonal constant permeability, when there are two kinds of motion in the case of the common contour: first perpendicular to the direction of the motion and second, collinear with the direction of the motion. These models will be useful tools for decision makers for an optimal management of oil wells production.

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