Oil production optimization: a mathematical model

In this paper, a mathematical model is developed to study crude oil extraction from oil wells. Due to advancement in technical, procedural and reservoir management the estimated lifetime and subsequently field hardware utilization has increased. Continuous high-quality and efficient production can lead to complacency about the integrity of the wellhead, but can also cause lack of focus on routine maintenance. Lack of critical component maintenance and over exposure can take its toll on mechanical assemblies, increasing the likelihood of production downtime caused by equipment failure. In extreme cases it may also lead to an emergency shutdown. The objective of the paper is to optimize the total cost per unit time in light of critical factors which involve spills or leakage, system failure and maintenance cost for optimum extraction. The model is valid with empirical data and sensitivity analysis is carried out.