This paper presents an integrated modeling approach for history matching and economic optimization of wells producing from liquid-rich shale reservoirs (LRSR). History matching uses daily pressures and gas-oil-water production data to estimate average parameters in a 2D/3D finite-difference (FD) horizontal multi-fractured well model: rock permeability, fracture half-length, relative permeabilities, and in-situ fluid (solution gas-oil ratio). Economic-based well design uses the same FD model to maximize net present value (NPV) by finding optimal well completion parameters: number of fractures, and fracture size. Revenue optimization (short-term and long-term) is performed with the same FD well model by finding the drawdown that maximizes revenue. For undersaturated gas condensate LRSR wells, optimal drawdown is often equal to or somewhat below the reservoir dewpoint pressure. We study optimal drawdown control for new wells that are optimized from start of production, and for wells that are optimized only after some initial period of sub-optimal drawdown control. We also compare short-term versus long-term economic optimization strategies.
We provide examples that clearly show the potential for improved economic development of LRSR using optimized well design and drawdown control, for new and existing wells. Our study shows a significant economic upside to proper selection of completion design, and for undersaturated gas condensate wells, optimal drawdown has significant potential to increase daily revenues.
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