Economic Analysis

Economic analysis of EOR is a very complex process. NoDoC models it in very simple manner. The model requires the user to enter engineering parameters for a proposed EOR project (e.g., the reservoir dimensions, the current rate and decline rate of oil production, the number of existing and planned injection and production wells) as well as economic parameters (e.g., the price of oil and CO2 anticipated by the operator, royalty and tax rates, discount rate). The model then uses the analog method to project incremental oil and EOR method for a single “pattern” (an injection well surrounded by production wells) of the proposed project, multiplies these flows by the number of planned patterns, and combines
the result with the economic parameters to predict the project’s NPV, IRR, MIRR, and many ther economical and financial indicators.

Although the model uses a very similar approach to the other assmblies, its implementation to a single project or multiple projectsat a time.