ABSTRACT

 Oil field development projects aim to maximize hydrocarbon recovery and reduce costs. However, extracting oil from tight oil rim formations poses significant challenges due to water and gas coning. To overcome these challenges, a thorough understanding of subsurface relationships, uncertainties, and technical and economic feasibility is essential. This study employed simulations, experiments, and core analytical methods to develop a surrogate simulation model and assess the impact of subsurface uncertainties on oil and gas extraction. Seven development strategies were evaluated using numerical reservoir simulation, and the optimal strategy was determined based on well placement optimization and financial analysis. Return on investment, payback period, and discounted payout period were used to evaluate investment options. The results highlight the significance of well placement and integrated reservoir management in maximizing oil extraction from thin oil rim reservoirs, considering reservoir producibility, operational constraints, and project economics.