Dual objective oil and gas field development project optimization of stochastic time cost tradeoff problems
Journal Title: Advances in Geo-Energy Research - Year 2018, Vol 2, Issue 1
Abstract
Conducting stochastic-time-cost-tradeoff-problem (STCTP) analysis beneficially extends the scope of discrete project duration-cost analysis for oil and gas field development projects. STCTP can be particularly insightful when using a dual-objective optimization approach to locate minimum-total-project-cost solutions, and to additionally derive a Pareto frontier of non-dominated-total-project-cost solutions across a wide range of potential project durations. For STCTP project-work-item durations and costs are expressed as probability distributions and sampled with random numbers (0, 1). By controlling the fractional numbers used to sample the work-item cost distributions by formulas linked to the random numbers used to sample the work-item duration distribution, a wide range of complex time-cost relationships are readily applied. The memetic algorithm developed for constrained STCTP involves ten metaheuristics configured to focus partly on local exploitation and partly on exploration of the feasible solution space. This dual focus effectively delivers the dual objective of: 1) locating the global minimum total-projectcost solution, if it exists, or the region in the vicinity of where that solution exists; and, 2) developing a Pareto frontier. Analysis of an example project, applying eight distinct work-item time-cost relationships, demonstrates with the aid of metaheuristic profiling, that the memetic STCTP algorithm coded in Visual Basic for Applications and operated in Microsoft Excel effectively delivers on both objectives. Dynamic adjustment factors applied by some metaheuristics, derived from fat-tailed distributions adjusted by chaotic sequences, aid the efficient sampling of the feasible solution space. The metaheuristic profiles also help to fine tune the configuration of the algorithm to further enhance performance for specific work-item time-cost relationships.
Authors and Affiliations
David A. Wood
Keywords
Related Articles
- EP ID EP421812
- DOI 10.26804/ager.2018.01.02
- Views 118
- Downloads 0
Non-Darcy displacement by a non-Newtonian fluid in porous media according to the Barree-Conway model
An analytical solution for describing the non-Darcy displacement of a Newtonian fluid by a non-Newtonian fluid in porous media has been developed. The two-phase non-Darcy flow is described using the Barree-Conway model u...
Impact of fracturing liquid absorption on the production and water-block unlocking for shale gas reservoir
A large amount of liquid is pumped into the shale gas reservoir during hydraulic fracturing, and the fluid flowback ratio is usually low. However, field experience showed that the liquids did not cause severe damage to s...
Adaptive time-splitting scheme for two-phase flow in heterogeneous porous media
In the present paper, an adaptive time-splitting scheme is introduced to investigate the problem of two-phase flow in heterogeneous porous media. The pressure and saturation equations are coupled by the capillary pressur...
Influence of permeability anisotropy on heat transfer and permeability evolution in geothermal reservoir
Extracting heat energy from geothermal reservoirs essentially relies on circulating cold fluid within fractured hot rocks. The intrinsic anisotropic permeability in the reservoir directly affects the path of flow and the...
The workflow to analyze hydraulic fracture effect on hydraulic fractured horizontal well production in composite formation system
Hydraulic fracturing generally leads to highly complex hydraulic networks for tight oil reservoirs. It is significant to understand the hydraulic fracture effect on well performance. As an effective tool, semi-analytical...