Estimate the decline parameters and economic rate of return, Microeconomics

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1. The figure below is historical production data from the Kuparuk River field. The OOIP is 5,332,979 Mstb and cumulative recovery through 12/31/2004 is 1,971,200,654 stb.

1673_Estimate the Decline Parameters and Economic Rate of Return.png

A. Estimate the decline parameters, b, qi, and D.

B. If the field economic rate is 25,000 stb/day, determine

                        (i)  the time to reach the economic limit

                        (ii) the ERR

                        (iii) the EUR

                        (iii) the recovery factor at the economic limit.


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