By Rafiq Islam, S.H. Moussavizadegan, Shabbir Mustafiz, Jamal H. Abou-Kassem
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Additional info for Advanced Petroleum Reservoir Simulation (Wiley-Scrivener)
It renders moot, or irrelevant, any previous assumption of resource scarcity or globally finite supply as a boundary condition, as the issue shifts increasingly away from the price of energy to how this price and its trend are modeled. The state-of-the-art model needs to be employed to predict the future oil price so that producers, consumers, firms, governments and other stakeholders in the industry are able to plan a sustainable growth of output, employment and income. Also, the model should be able to decompose the effects of each of the variables in determining the oil price and computing the individual contribution.
Although the approximation to the second derivative by central difference operator increases accuracy because of a second order approximation, it still suffers from the truncation problem. c. As the spacing size reduces, the truncation error approaches to zero more rapidly. Therefore, a higher order approximation will eliminate the need of same number of measurements or discrete points. RESERVOIR SIMULATION BACKGROUND 11 It might maintain the same level of accuracy; however, less information at discrete points might be risky as well.
Time travel can be limited to selected processes with limited number of wells primarily. Later time travel can expand as the state-of-the-art in simulation becomes more sophisticated. Describing petroleum reservoirs is considered to be more difficult than landing man on the moon. Indeed, reservoir engineers have the difficult task of conducting reservoir design without ever going for a site inspection. This application is aimed at creating a virtual reservoir that can undergo various modes of petroleum production schemes (including thermal, chemical, and microbial enhanced oil recovery or "EOR").