The application of Enhanced Oil Recovery (EOR) processes increases the economic value of existing fields through increased oil recovery and field life extension. This is especially important in depleted and mature fields, as oil production rates decline and water production increases. Additionally, environmental concerns also benefit EOR projects such as CO2 injection providing new opportunities for depleted and mature fields combined with a disposal of CO2 capturing emissions from industrial sources.

Generally, oil companies (from majors to independents) operate a large field portfolio or a large number of reservoirs with lack of information. In some other cases, many reservoirs lack enough financial performance to justify information or data gathering. The latter represents a common barrier to identify appropriate investment opportunities in a particular or a portfolio of reservoirs.

This paper describes an approach to perform an economic evaluation of EOR projects based on advance screening criteria and full field evaluations under conditions of limited information and time constraints. The proposed methodology estimates EOR technical viability and production potential in a particular field based on international field experience and fast evaluation tools such as analytical simulators and economic software programs. The proposed methodology not only provides a systematic approach for evaluating and ranking technical and economic EOR performance within a risk management framework but also shows an excellent potential to support decision-making processes in oil property acquisition and for the exploitation of unconventional reservoirs (CBM and Tight Gas), among others.

You can access this article if you purchase or spend a download.