China
Africa
Explore chapters and articles related to this topic
Prices
Published in Mark J. Kaiser, Arno de Klerk, James H. Gary, Glenn E. Hwerk, Petroleum Refining, 2019
Mark J. Kaiser, Arno de Klerk, James H. Gary, Glenn E. Hwerk
Mineral supply describes the change in production as price and costs change. To depict an oil supply curve, hold rK and WL constant, and graph an upward sloping curve (Figure 4.8). As oil price increases, producers will invest more money to supply more of the commodity. Some investments can be performed immediately to increase production, such as drilling wells in existing fields, but new fields take time to find and develop. As oil price decreases, operators will shut-in wells and close production facilities that are no longer profitable, reducing supply.
A comprehensive review on current methods of geothermal analysis of oil reservoir – case study
Published in Petroleum Science and Technology, 2022
Mohammad Zeyghami, Mohammad Taghizadeh Sarvestani
The temperature survey should be conducted on the first run into the well and at a slow speed so that the static gradient is not altered during passage of the tools. Moreover, the speed should not, ideally, be more than 30 ft/min to accommodate the thermal inertia of the sensor (Holstein and Lake 2007). Static temperature surveys are considered as the most reliable source of formation temperature for two reasons: firstly, when the well has been shut-in for a long time, it is reasonable to assume that the wellbore fluid has reached a thermal equilibrium with its surrounding formation temperature, and thus the recorded wellbore fluid temperature is identical to the formation temperature. Secondly, when temperature is recorded in a flowing well, the data carry a degree of uncertainty because the source (depth) of the fluid flowing into the well is not fully known. This is not an issue in a shut-in well, in which the recorded wellbore temperature corresponds to the adjacent formation temperature (Wu et al. 2016).