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80 comments on Oil Reserves: Where Ghawar goes, the rest of OPEC follows
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I'm no expert but I believe the prudent flow rate is the one that gets you the most amount of oil is the long run.. If you pump too fast you will end up leaving more oil in the ground by depleting the reservoir pressure to fast..
"I believe the prudent flow rate is the one that gets you the most amount of oil is the long run.."
i dont disagree. but my point is that there is no way, short of a (impossible given the lack of data) thourough analysis of each and every case in the data base, to conclude what a prudent rate for a group of producers is from an imperical analysis.
a mer(maximum efficient rate) determination also has an economic component and thanks to a (usually) constant oil price assumption and discounted present worth analysis leads to higher, rather than lower production rate. sometimes to the detrement of ultimate recovery*.
in the us of a, rule of capture .......well......rules, that has lead to excessive wells being drilled, rapid depletion and ,imo, loss of reserves.
* the only case where a higher rate may result in greater recovery is in a water driven ng reservoir.