Suppose you have just found an oil field which has approximate dimensions of 10000 ft by 10000 ft by 125 ft. The average porosity of the rock is estimated to be 0.2. Assume that the fluid trapped in the pore space is 70% oil and 30% water. Calculate the OOIP contained in the reservoir in barrels of oil. [2 pt] b. You decide to produce the oil using only primary recovery methods. Approximately how many barrels of oil can be recovered? State what assumptions you make. [2 pt] c. Suppose you collect all of the oil in part b in 25 years. How many barrels of oil are produced per day on average? A barrel of crude oil today is worth approximately $96 dollars. Using this value, what would be the average daily revenue of this field? [2 pt] d. Do you think that our estimate of the average revenue of the field is sound? If so, explain why. If not, what would you have done differently? [2 pt]
- You decide to produce the oil using only primary recovery methods. Approximately how many barrels of oil can be recovered? State what assumptions you make. [2 pt]
- Suppose you collect all of the oil in part b in 25 years. How many barrels of oil are produced per day on average? A barrel of crude oil today is worth approximately $96 dollars. Using this value, what would be the average daily revenue of this field? [2 pt]
- Do you think that our estimate of the average revenue of the field is sound? If so, explain why. If not, what would you have done differently? [2 pt]