Field Development Flashcards
1
Q
What is field development planning?
A
It’s planning how to best develop an oil or gas field to maximize production and profit, taking technical and financial factors into account.
2
Q
What is economic evaluation in field development?
A
It’s assessing whether the cost of developing an oil or gas field is worth the profit we can make from it, by calculating metrics like net present value (NPV).
3
Q
What are optimization algorithms used for in field development?
A
They are computer tools that test many different scenarios to find the best way to develop a field and maximize profits.
