A New Production Prediction Model Based on Taylor Expansion Formula

Xianfeng Ding, Dan Qu and Haiyan Qiu

Mathematical Problems in Engineering, 2018, vol. 2018, 1-12

Abstract:

On the basis of the analysis of the cumulative production growth curve model, the model variables are adjusted, and the Taylor formula is expanded on the adjusted model. Then the appropriate expansion order n is selected, and the new model for the prediction of cumulative production is established. Furthermore, the error of the new model is discussed, and the model can theoretically achieve any given precision. The model can forecast oil and gas production, cumulative production, and recoverable reserves. Finally, the example analyses show that the greater the order number ( n ) is, the smaller the error between the prediction data and the actual data and the greater the correlation coefficient become. Compared with other models, the results show that the model has higher prediction accuracy and wider application range and can be used to forecast the production of oil and gas field.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnlmpe:1369639

DOI: 10.1155/2018/1369639

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