Production Optimization of an Integrated Asset Model of the Farnsworth Field Unit

This study provides a methodology for optimizing oil production and CO2 sequestration using an integrated asset model of the Farnsworth Unit field, incorporating extensive geological, geophysical, and engineering data. Sensitivity analysis identified critical parameters impacting oil recovery and CO2 storage, leading to the construction of a proxy model using polynomial regression and radial basis function neural networks, with the latter proving more effective for "What-if" analysis. The sensitivity analysis indicated that the Corey parameters impact cumulative oil produced the most. Comprehensive history matching validated the model against historical production data, ensuring reliability for forecasting and optimization. Two scenarios, "Do-Nothing" and development strategy, were forecasted over 15 years (2020-2035). The "Do-Nothing" scenario resulted in 9.57 MMSTB of oil recovery and 2,822.70 MMlbs of CO2 storage. The development strategy case improved outcomes with 13.95 MMSTB of oil recovery and 5,061.68 MMlbs of CO2 stored, and was selected for optimization using particle swarm optimization. The optimized strategy achieved 14,043,372 STB of cumulative oil and 4,832.18 MMlbs of CO2 stored, and increased the field NPV by 25.84% to $114,871,730. This study underscores the significance of integrated asset modeling in enhancing oil recovery and optimizing CO2-EOR processes, providing valuable insights into operational conditions and constraints.