The Use of Linear Programming and Mathematical Models in Under-Ground Oil Production

J. S. Aronofsky and A. C. Williams
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J. S. Aronofsky: Socony Mobil Oil Company, Inc., New York City
A. C. Williams: Socony Mobil Oil Company, Inc., New York City

Management Science, 1962, vol. 8, issue 4, 394-407

Abstract: This paper describes how linear programming models can be used to solve crude-oil producing problems for the purpose of economic planning of coordinated operations. Although the methods of linear programming have been used extensively in the oil industry, very little work has been reported to date in extending these methods to the area of underground oil production. Two separate models are presented. The first model schedules production and assumes either a completely developed field, or, in the case of only partially developed fields, it assumes a given drilling schedule. The second model schedules drilling-rig operations when it is assumed that the production from a given well follows a specified production-decline curve. Consideration also is given to a means for optimizing the investors rate of return which appears as a nonlinear parameter in the objective function.

Date: 1962
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:8:y:1962:i:4:p:394-407

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