Reservoir management uses elements of geology, geophysics and petroleum engineering to predict and manage the behaviour of oil and natural gas within wells and rock formations inside the earth. Integrated reservoir management focuses on maximizing profits, production and ultimate reserves recovery by integrating technical, commercial and risk management in a dynamic and uncertain environment. Constraints (technological, physical, financial, geopolitical, and environmental, safety, corporate and human) limit the decision options available. Integrated reservoir management impacts both the geographical aspect of new exploration and development, and the cost structure of existing production activities. Costs are being cut by the application of new technology and new business models. Increasingly, oil and gas fields are being regarded as factories, where personnel and plant productivity increases are essential to maintain or increase margins. Environmental and safety pressures now require an increased awareness of overall technical and commercial integrity, and are also directing the industry towards activities such as gas field development and production optimization.
INTEGRATED OIL & GAS RESERVOIR MANAGEMENT
GANE RAVI KUMAR
When oil is extracted from the ground, it is temporarily stored in a reservoir. The extracted oil is not pure oil, rather it is a mixture of oil and gas. The management of this mixture of oil and gas at the reservoir level to enable maximum profits is called integrated reservoir management. Basically, sound reservoir-management practice relies on the use of financial, technological, and human resources, while minimizing capital investments and operating expenses to maximize economic recovery of oil and gas from a reservoir. The purpose of reservoir management is to control operations to obtain the maximum possible...