Oil and gas field economic evaluation optimization method: Closed loop approach for CO2 flooding

Abstract

Despite the slow growth of EOR development in Indonesia, CO2 EOR has recently gained its momentum due to its versatility to diverse reservoir systems in Indonesia. Optimizing CO2 Injection in EOR activity is a must, since no incentive or tax holiday is given in Indonesia for this activity, contrary to the majority of policies around the globe. This study offers an innovative approach of CO2 flooding injection rate determination using closed loop optimization in project economic evaluation. Particle Swarm Optimization (PSO) algorithm was implemented as a method of optimizing the injection rate of CO2. These novel algorithms are known and proven to be able to work with massive number of datasets, as well as identifying and separating bad dataset(s). The result is optimum injection rate that brings maximum economic value to the project. Utilization of this method increases the NPV of the project by 10.4% and 12% increase in RF.