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ABSTRACT
Perhaps no industry is more vitally concerned with risk than the oil and gas industry, and few professionals other than petroleum engineers are required to recommend higher investments on the basis of such uncertain and limited information. In recent years, the number of methods dealing with risk and uncertainty has grown extensively so that the classical approach, using analytical procedures and single-valued parameters, has undergone a significant transformation. The use of stochastic variables, such as those frequently encountered in the oil industry, is now economically feasible in the evaluation of an increasing number of problems by the application of Monte Carlo simulation. In all production systems, production optimization is important because it can reduce the cost of operation and increase the production. This project is a contribution within the field of production optimization of oil production systems using Monte Carlo simulation. Emphasis on this study is directed to the salient characteristics of the Monte Carlo technique, with particular reference to applications in areas related to the oil and gas industry. Attention is focused on oil production optimization. This project aims at investigating the various applications of Monte Carlo simulation in oil and gas operations as well as applying the Monte Carlo simulation in well production optimization. In this work, the Monte Carlo simulation was carried out using Microsoft Excel 2016 Spreadsheet and for graphical analysis Microsoft power Bl was used. The result obtained after simulation shows that production rate had a 7.5% increase from the data set provided. It was seen that the Monte Carlo simulation is an excellent tool when dealing with uncertainties
