Definition - What does Optimization mean?
Optimization is the action of bringing down the operational costs of oil and gas processes by making the processes work smoothly and effectively. This is done so as to ensure that wastage is minimized and output is maximized in the upstream, midstream and downstream sectors of the oil industry. Optimization plays an important role in ensuring that the recovery of hydrocarbons is maximized.
Petropedia explains Optimization
In the oil and gas industry, the process optimization is a necessary step to ensure that the industrial operations operate at their maximum efficiency. For example, in the case of developed reserves, each producing well is monitored to make sure it operates at its maximum efficiency.
Some of the techniques that can be used to optimize the processes can be-:
- Integration of field data into a field simulator. This helps in gaining a technologically advantage on stimulating the field geological data, other reservoir data, etc., fed into simulator.
- Interfacing the reservoir simulator.
- Integration of the optimization software.