A Study On The Production Enhancement And Cost Optimization In The Case Of Mature Oilfield And Low Price Environment

As we know that the use of oil is increasing day by day, therefore, it is the desire of each company to enhance its production. All the efforts that are done to increase the production of oil are known as production enhancement. In order to maximize the value of a business, some efforts are made to reduce the cost of its products or services. All of these efforts come into cost optimization. If you don’t have enough idea about the production enhancement and cost optimization, then you can get help from experts in academic writing services. A study on the production enhancement and cost optimization in the case of mature oilfield and low price environment is given below;

Production enhancement

The best way to increase the production of oil, it is necessary for the oilfield industries to increase the efficiency of oil extraction. Some essential tips about the production enhancement in the mature oilfield are given below;

1) Green completion systems

The green completion system is the new technology to drill the oil. With the help of this technology, the amount of methane gas will be lost during the drilling process. This is an easy way to increase the efficiency of the oil. As a result, the production of oil will also be enhanced. The methane gas that is collected from this process can be recovered and it is used to provide power to the electronic devices.

2) Backer Hughes multimode intelligent well system

This kind of technology was developed in 2014. With the help of this technology, it is easy for oil companies to extend the number of compartments within the reservoir. This technology also provides enough tips to the people how to control the ICDs. Therefore, it is also considered the best technology to enhance the production level within the oilfield industry.

3) Saskatoon pipe flow technology centre

The Saskatoon Research Council is working for the enhancement of oil production. Recently, it has launched a new research which is helpful for us to extract more and more oil from the ground. For this purpose, they spent thirty-one billion dollars.

Cost optimization

After the production enhancement, there comes the cost optimization. These oilfield industries can easily optimize their cost by following these simple tips;

1) The first step to optimize the cost of a product is to optimize the process for its production. In a similar way, in the oilfield industry, if you want to optimize the cost of oil, then it is an unavoidable thing to you to adopt such a process that is optimized.

2) After the process optimization, there comes the workforce optimization. This is possible only if you keep a balance between the workforce requirements and the costs of the labour.

3) No doubt, for the production of the oil, there requires energy. For the cost optimization, you should also try to decrease the consumption of the energy.

4) You should also make sure that you are producing the best quality products at the most affordable prices.

5) There should also be a low cost of the regulatory compliance.