Since the future value of a waterflood is based on the extrapolated price of oil, the economic analysis must accurately predict price trends if the project s economic goals are to be met. Prior to the onset of a waterflood, there must be an accurate evaluation and prediction of reservoir condition. This includes an analysis of the architecture, structure, presence and orientation of fractures, as well as reservoir limits, rock, and fluid property and pressure distributions. Since waterfloods are typically implemented in mature developed properties, it might be assumed that the reservoir is well defined, with few potential surprises.
Experience indicates otherwise.
However, operators who are aware of common pitfalls can avoid mistakes that will reduce recovery and profitability when implementing waterfloods. The growth of a waterflood prospect, from conception to abandonment, is divided into two stages. The first stage, which is the topic of this workshop, deals with the initial analysis up to the development of the reservoir model. It is especially critical that engineers and geologists work together during this initial conceptual stage. The second stage, which is more engineering-oriented, deals with development of the reservoir model, implementation, and operation until project abandonment.