Forecasting Oil Production Rates for Oil Wells Using Decline Curve Analysis and Polynomial Regression Model
In the course of employing decline curves to predict future oil production rates, there is a need to first determine the initial flowrate which often times presents an extent of difficulty especially for harmonic and hyperbolic decline trends. Conventional methods of initial flowrate determination require extrapolation of charts on study or spreadsheets which is time consuming. It is therefore essential to provide an algorithm that would help speed up initial flowrate calculations. This study...