~umma~. This p~per presen~s generaliz~~ procedures. t~ interpret pressure i~jection and falloff data following cold-water injection Into a hot~OlI rese':'?lr. Th~ relative permeability ch~ractenstlcs of the porous medIUm are accounted for, as is the temperature dependence of t~e. flu~d mobilities. It IS .shown that the saturatIOn and temperature gradients have significant effects on the pressure data for both the InjectIOn and falloff penods. The matching of field data to type curves generated from analytical solutions provides estimates of the t~mperature.-dependent mobilities of the flooded and uninvaded regions. The solutions also may be used to provide estimates of the size of the Invaded region, the distance to the temperature discontinuity, heat capacities, and wellbore-storage and skin effects.
An important task that petroleum engineers and geoscientists undertake is to produce decision-relevant information. Some of the most important decisions we make concern what type and what quality of information to produce. When decisions are fraught with geologic and market uncertainties, this information gathering may such forms as seismic surveys, core and well test analyses, reservoir simulations, market analyses, and price forecasts-which the industry spends billions of US dollars each year. Yet, considerably less time and resources are expended on assessing the profitability or value of this information. Why is that? This paper addresses how to make value-of-information (VOI) analysis more accessible and useful by discussing its past, present, and future. On the basis of a survey of SPE publications, we provide an overview of the use of VOI in the oil and gas industry, focusing on how the analysis was carried out and for which types of decisions VOI analysis has been performed. We highlight areas in which VOI methods have been used successfully and identify important challenges. We then identify and discuss the possible causes for the limited use of VOI methods and suggest ways to increase the use of this powerful analysis tool.
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AbstractAn important task that petroleum engineers and geoscientists undertake is to produce decision-relevant information. Some of the most important decisions we make concern what type and what quality of information to produce. When decisions are fraught with geologic and market uncertainties, this information gathering may take the form of seismic surveys, core and well test analyses, reservoir simulations, market analyses, price forecasts, etc., on which the industry spends billions of dollars each year. Yet, considerably less time and resources are expended on assessing the profitability or value of this information. Why is that?This paper addresses how to make value-of-information (VOI) analysis more accessible and useful, by discussing its past, present, and future. Based on a survey of SPE publications, we provide an overview of the use of VOI in the oil and gas industry, with a focus on how the analysis was carried out and for which types of decisions VOI analysis has been performed. We highlight areas where VOI methods have been used successfully and identify important challenges.We then identify and discuss the possible causes for the limited use of VOI methods and suggest ways to increase the use of this powerful analysis tool.
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