|29th IBIMA Conference
3 - 4 May 2017
Econometric Models to Manage Oil Extraction Process
Marius Bulearcă, Cornelia Neagu and Cristian Sima,
As announced in our previous works, this paper is part of a larger research that deals with modeling different aspect concerning oil industry, as intends to present different models for optimal management of the extraction process in an oil drilling and extraction unit. In the beginning, the article deals with models related to under-balanced drilling while showing that applying such methods is instrumental in increasing productivity by reducing the oil well formation damage, as well as helping to improve well performance. In the second part, hydro-geological wells productive capacity is further analyzed, while characterizing the permeability coefficient, determination made by using the Darcy equation methodology and some empirical formulas that may lead to better estimate the oil deposit reserves through production decline methods.