Oil Field Depletion

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Oil field depletion refers to the decline in an oil field's production over time,[1] when a field's recoverable resources become exhausted and production is reduced due to the physical limitations of the reservoir.[2] Depletion is a natural process by which an oil field produces an increasing volume of oil until output eventually hits a peak, after which the volume that can be pumped out of that field gradually declines.[3]

The analysis of depletion rates is a key element in forecasting the future production of oil reservoirs.[4] A metric often used to determine the remaining lifespan of an oil reserve is the 'reserves-to-production ratio', used to forecast the future availability of a resource.[5]

References

  1. "The life of an oil reservoir" The Oil Drum, 14 August 2006.
  2. "Depletion and Decline Curve Analysis in Crude Oil Production" Global Energy System, May 2009.
  3. "Oil Fields and what they do (or might) produce, and when" Natural Hub, retrieved 1 February 2012.
  4. "Depletion and Decline Curve Analysis in Crude Oil Production" Global Energy System, May 2009.
  5. "Reserves to Production Ratio" Investopedia, retrieved 8 January 2012.