Economic Analysis of Oil Losses Correction Factor Determination Usage Proportional and Stratified Methods in “LA” Field

Arif, Luqman and Kristanto, Dedy and Ratnaningsih, Dyah Rini (2020) Economic Analysis of Oil Losses Correction Factor Determination Usage Proportional and Stratified Methods in “LA” Field. In: AIP Conference Proceedings 2363, 020003 (2021);, 25 Nop 2020, -.

Text 3- Prosiding AIP Conference 2021-Economic Analysis of Oil Losses (November 2021).pdf Download (1MB)

Abstract

The “LA” field carries out crude oil shipments simultaneously with several Business Partners using a shared
pipeline through the Pipeline Handling and Transportation System. Due to the utilization of these shared pipes, the oil
losses problems arise from the delivery point to the point of production storage as a sales point in Floating Storage
Offloading (FSO). Based on these problems, the volume of correction factors of oil losses has been determined by
proportional and stratified methods will affect on the volume of oil received at the FSO, hence also affecting of the
company’s revenue. This study aims to obtain an optimal correction factor method for companies based on the value of
the economic parameter in the form of Pay Out Time (POT), Profit to Investment Ratio (PIR), Rate of Return
(ROR/IRR), and Net Present Value (NPV) on the operational activities of the oil field. The evaluation results of oil losses
are the range of individual total losses proportionally when all oil is producing according to typical production on the
same day at the BS&W of each oil 0.00% is 0.148% - 0.739% and the stratified method is 0.076% - 0.739%. In
comparison, the economic parameters with the sensitivity of the production parameters generated NPV value with the
stratified method are 0.09% greater than the proportional method. Furthermore, the other economic parameters namely
POT, IRR, and PIR are not too significant to the difference in value from the calculations with the two methods. Based
on the study of economic parameters results, it is concluded that the determination of oil losses using the stratified
method is more accurate and represents operational conditions in the ‘LA” field and is more profitable for the company.
Keywords: Oil Losses, Proportional Method, Stratified Method, Economic Parameter

Item Type:	Conference or Workshop Item (Paper)
Uncontrolled Keywords:	Oil Losses, Proportional Method, Stratified Method, Economic Parameter
Subjects:	T Technology > TA Engineering (General). Civil engineering (General)
Divisions:	Faculty of Engineering, Science and Mathematics > School of Engineering Sciences
Depositing User:	Dr.Ir, MT Dedy Kristanto
Date Deposited:	31 Mar 2023 14:45
Last Modified:	31 Mar 2023 14:45
URI:	http://eprints.upnyk.ac.id/id/eprint/33091

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