CRITERIOS DE EVALUACIÓN

The characteristics of the reservoir and the costs of producing EOR oil in that reservoir are entered into the models, which then generate estimate of:

 The quantity of crude oil that will be produced from the project.

 A price sufficient to reimburse all costs of the project and provide an adequate return on investment (ROI).

 The timing at which reserves in the reservoir will be produced. These estimates are then aggregated for the overall estimates of daily production, cumulave producon, and ultimate recovery.

General Structure of the Economic Model: The estimate of the amount to be recovered through EOR application is based on actual reservoir parameters of oil saturation, pore volume and previous primary and secondary recovery, the actual recovery calculation differs among techniques. This esmate is displayed as total incremental EOR production and incremental production per year from the time the project was initiated.

Cash Inow: Producon of Oil.

Cash Oulow: Investment cost, Operang Cost, field development expenditures, equipment expenditures, operating and maintenance cost, injection material costs.

The production estimate is matched with investment and operang costs and various rates of return to calculate the required price for the oil.

Financial Assumpons:

 Date of cost assessment: The costs used are assumed to be applicable as of the date of initiating the project. As this model is used in future years, the specific cost parameters will need to be updated to reflect cost changes.

 Sharing of costs: The model assume that well operating costs are shared between primary/ secondary and EOR production. For this assumption, a primary / secondary production decline curve was constructed for each reservoir.

 Allocation of general and administrative (G & A) overhead costs : Based on the practices of numerous producing companies, the model assume project G & A cost per year equal to the following : twenty percent of basic and incremental injection operating and maintenance costs plus four percent of investment costs.

 Distribution of tangible and intangible costs for drilling and completion: The model assumes that the company uses a successful efforts approach for its tax deduction.

As a result , the following rules apply :

o Intangible costs equal to 70% of drilling and completion costs for production wells and 100% of work over costs are expended in the year incurred.

o Tangible costs equal to 30% of drilling and completion costs for production wells, plus 100% of all other well lease, and injection investment costs are expended (through depreciation) based on a unit of production approach.

Innovaon in EOR techniques Page | 51

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Innovaon in EOR techniques Page | 53

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