Optimal planning of oil and gas development projects considering long-term production and transmission

Shakhsi‐Niaei, Majid; Iranmanesh, Seyed Hossein; Torabi, S. Ali

doi:10.1016/j.compchemeng.2014.03.002

Cited by 19 publications

(4 citation statements)

References 30 publications

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“…A number of foreign studies, such as [15,16,17,18,19], are also devoted to the problems of economic evaluation of projects in the oil and gas industry. In [19], complexity is considered as a necessary condition for long-term planning in the oil and gas industry. According to the authors, strategic decisions on the development of oil and gas fields should be taken simultaneously with the choice of transport system.…”

Section: Literature Reviewmentioning

confidence: 99%

Integrated Investment Projects Performance Management

Nazarova¹,

Shcherbakova²,

Krasavina³

2020

Proceedings of the 1st International Conference on Emerging Trends and Challenges in the Management Theory and Practice (ETCMTP

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The paper reveals a comprehensive approach to economic efficiency assessment of large-scale investment projects in the energy sector. Authors consider scientific approaches to integrated assessment and substantiate its advantages when applying it to the assessment of effectiveness for the energy sector. At present, the accuracy of the estimates of the efficiency of investments in the energy sector is of particular importance in terms of the limited financial resources and the increasing capital intensity of deposit development. However, existing methods of determining investment efficiency for complex projects often tend to lead to incorrect results. The integrated assessment approach proposed in the article aims to overcome the shortcomings of existing approaches. Its peculiarity is to consider investment in a complex project as a single system consisting of subsystemsindividual projects. The whole set of projects is classified according to the nature of the mutual influence, which makes the assessment process much easier. The implementation of an integrated approach requires special care in the performance evaluation and is possible in cases of simultaneous implementation of the projects included in the complex, aimed at achieving the same effects and having synchronized time frames of entry. The positive effect of increasing the accuracy of the assessment and, as a consequence, of significantly reducing the risk of economically unjustified investments, far exceeds the cost of making the evaluation procedure more complex under the developed method.

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Section: Literature Reviewmentioning

confidence: 99%

Integrated Investment Projects Performance Management

Nazarova¹,

Shcherbakova²,

Krasavina³

2020

Proceedings of the 1st International Conference on Emerging Trends and Challenges in the Management Theory and Practice (ETCMTP

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show abstract

“…The optimization problem considered in this paper is primarily motivated by capability planning in the defence sector, in particular the ADF. However, the characteristics of the problem are common across a number of industries, such as pharmaceutical [24] and oil and gas production sectors [48], and hence the formulation can easily be extended to cater for the specific planning requirements.…”

Section: Capability Program Optimization Problemmentioning

confidence: 99%

Scenario-based multi-period program optimization for capability-based planning using evolutionary algorithms

Shafi

Elsayed

Sarker

et al. 2017

Applied Soft Computing

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“…Determining the optimal well locations and controls in an oil field is a challenging task. The decision is hard since the reservoir performance is affected by geological, engineering, economical and other parameters (Tavallali et al, 2013;Knudsen and Foss, 2013;Shakhsi-Niaei et al, 2014). Optimization algorithms provide a systematic way to solve this problem.…”

Section: Introductionmentioning

confidence: 99%

A multilevel coordinate search algorithm for well placement, control and joint optimization

Xiang

Haynes

Feng

2016

Computers & Chemical Engineering

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Determining optimal well placements and controls are two important tasks in oil field development. These problems are computationally expensive, nonconvex, and contain multiple optima. The practical solution of these problems require efficient and robust algorithms. In this paper, the multilevel coordinate search (MCS) algorithm is applied for well placement and control optimization problems. MCS is a derivative-free algorithm that combines global and local search. Both synthetic and real oil fields are considered. The performance of MCS is compared to generalized pattern search (GPS), particle swarm optimization (PSO), and covariance matrix adaptive evolution strategy (CMA-ES) algorithms. Results show that the MCS algorithm is strongly competitive, and outperforms for the joint optimization problem and with a limited computational budget. The effect of parameter settings for MCS are compared for the test examples. For the joint optimization problem we compare the performance of the simultaneous and sequential procedures and show the utility of the latter.

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Optimal planning of oil and gas development projects considering long-term production and transmission

Cited by 19 publications

References 30 publications

Integrated Investment Projects Performance Management

Integrated Investment Projects Performance Management

Scenario-based multi-period program optimization for capability-based planning using evolutionary algorithms

A multilevel coordinate search algorithm for well placement, control and joint optimization

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