Date of Original Version

1-2012

Type

Conference Proceeding

Abstract or Description

The optimal development planning of offshore oil and gas fields has received significant attention in the recent years. In this paper, we present an efficient investment and operational planning model for this problem which is fairly generic and it is extended to include fiscal considerations. With the objective of maximizing total NPV for long-term planning horizon, the proposed non-convex multiperiod MINLP model involves decisions regarding facility installation and expansion, fieldfacility connections, well drilling schedule and production profiles of oil, water and gas in each time period. The model can be solved effectively with DICOPT for realistic instances and gives good quality solutions. Furthermore, it can be reformulated into an MILP after piecewise linearization and exact linearization techniques that can be solved globally in an efficient way. Solutions of the realistic instances are reported for the proposed models as well as the computational impact with consideration of the complex fiscal rules within development planning.

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Published In

Proceedings of FOCAPO (2012).