Feasibility Study of Oil Well Perforation Jobs Using Hamdi’s GVM Method
Keywords:
Perforation, Oil Well, Economics, Net Present Value, Gold Value MethodAbstract
The decline in production rate at oil well AR#27 is unavoidable. This is partly due to channeling in the production zone of the well. In order to overcome this, it is necessary to optimize the AR#27 well with perforation job to improve the production. This study aims to analyze whether perforation job on the AR#27 well is feasible based on conventional economic calculations using Net Present Value (NPV) and whether it has the same decision value if calculated using an economic perspective of sharia using the Gold Value Method (GVM) without an interest basis. Economic analysis is obtained based on cashflow calculations using a gross split contract scheme. Cashflow is compiled based on the comparison of oil production before and after perforation, perforation costs, operational costs and oil prices. From the calculation results, the NPV value is 217,643 US$ (NPV> 0) and the GVM value is 4,123.52 grams (GVM> 0). So, it can be concluded that the perforation job on the AR#27 well is feasible to do both according to conventional economics and sharia economics
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