#TITLE_ALTERNATIVE#

• Main Author: (NIM : 12212027), SAVIQ
• Format: Final Project
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/30849
• Institution: Institut Teknologi Bandung

Oil field nowadays are facing its own mature phase and can be indicated by looking at the depleting productivity throughout time. Mature oilfields actually still contain its own hydrocarbon in its rock up to 70 percent of the original oil in place. To fulfill the fossil energy needs in the world, the world needs to find another way to get new oil production such as exploration and a method to extract stranded oil in reservoir. The method to extract stranded oil in reservoir are often called Enhanced Oil Recovery. Enhanced Oil Recovery or EOR are often used to increasing the recovery from a mature oilfield. Example of Enhanced Oil Recovery method in the world chemical injection and gas injection. One of the most common method in gas injection is CO2 EOR. This method can increase the oil recovery by displacing the stranded oil or increasing oil mobility by reducing its viscosity by miscibility with CO2 gas. <br /> <br /> Thus, optimizing economical factors should be looked to justify the project even at low oil prices. Low oil prices are considered from Indonesia Crude Price at 50 USD/barrel at 2015. Optimizing the project can be done by maximize the revenue from oil production, analyze economical model and factor from any constraints and management to reduce cost. <br /> <br /> Recovery model are constructed by using a correlation developed by NPC (National Petroleum Council) and empirical equation for Indonesia developed by Ramadhan. Recovery from the recovery model will be divided as the oil production throughout the year with decline curve analysis. This method can incrasing the revenue from the CO2 EOR project itself. After the revenue, we have to look at the cost optimize the economic factor of this project. Increasing well spacing up to 90 acres in the oilfield can reduce the cost of the project significantly. The next method to reduce the capital cost are to by using resource sharing system as a method to divide the capital investment from only one contractor to up to four contractor together. After optimizing revenue and cost for CO2 optimizing splitting percentage in Production Sharing Contract scheme are also needed to optimize and top increasing the economic attractiveness of CO2 projects.