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ABSTRACT For some petroleum fields, optimization of production operations can be a major factor for increasing production rates and reducing production costs. Reservoir deliverability, heterogeneity and capacity of surface facilities are some of the constraint the production of hydrocarbon in the petroleum industry is often faced with. Also, optimization technique in the petroleum industry requires exe ution of several iterative runs by comparing various solutions until an optimum or satisfactory solution is found. Choke sizes and tubing sizes are two key variables that were considered, their importance was also determined. Taking the influence of those key variables into consideration, we did a comparative economic analysis to aid the optimization of petroleum production. A meticulous approach to optimizing petroleum production is by sensitivity and statistical analysis. Nodal Analysis and @Risk software (Monte Carlo simulation) were used in this project. Nodal analysis procedure involves the selection of division point or node in the well, the system at that point was analysed differently to optimize performance in the most economical manner, an integral analysis of the entire production system was also considered. Using @Risk software (Monte Carlo simulation), risk analysis of the objective function was done. Monte Carlo simulation sampling is a traditional technique for using random or pseudo-random numbers to sample from a probability distribution. Critical look at this study had shown that tubing size of 1.90-inch will have optimal rate of production for deeper reservoir conditions used in this project using Nodal analysis technique, and also Monte Carlo simulation will give us a feel of what the changes in the tubing sizes and choke size will do to the price of oil. The highest impact on profit for the probabilistic period of 5, 10, and 15 years followed by the rate of production while the cost of tubing has the least effect. These was ascertained on completion of this project
