A new economic indicator, called simple thermal efficiency parameter (STEP), was developed to evaluate the performance of a steam-assisted gravity drainage (SAGD) project. Its usefulness as an economic indicator was validated qualitatively and quantitatively. STEP is based on cumulative steam-oil ratio (CSOR), calendar day oil rate (CDOR) and recovery factor (RF) for the time corresponding to an instantaneous steam-oil ratio (SOR) of 4.

In this study, a dynamic model for STEP called STEP-D was developed to be used as an economic indicator under the changing conditions of the economic limit of SOR and heavy oil price. STEP-D is calculated from the original STEP value by including the two dynamic factors, heavy oil price and SOR economic limit. The results showed a good linear relationship between STEP-D and net present value (NPV), with a higher than 0.93 correlation coefficient. STEP-D may therefore be a valuable economic indicator under dynamic situations.

Keywords:
steam-assisted gravity drainage, SAGD, thermal method, Upstream Oil & Gas, calculation, SAGD project, Thickness, enhanced recovery, vertical permeability, correlation
Subjects:
Improved and Enhanced Recovery, Thermal methods
Copyright 2006, Society of Petroleum Engineers
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