Method and apparatus for fast economic analysis of production of fracture-stimulated wells

A system for performing multi-parametric production optimization, the system comprising:

• at least one processor;
• and
• a memory coupled to the processor having instructions stored therein, which when executed by the processor, cause the processor to perform functions, including functions to:
• define a class of models by combining a simulated fracture geometry comprising a stimulated reservoir volume with accounting for fluid dynamics and phase transitions in the stimulated reservoir volume for modeling production in a plurality of reservoirs associated with the stimulated reservoir volume, wherein each model in the class of models is based on mass balance equations for gas condensate and water that enable phase transition analysis between gas and oil in a condensate reservoir;
• generate, based on at least one model from the class of models, an objective function to optimize the production of gas condensate in the plurality of reservoirs, wherein the objective function accounts for a market price of gas condensate;
• determine, based on the objective function, one or more parameters related to fracture stages of a fracture network in a reservoir of the plurality of reservoirs, the one or more parameters being those which optimize the production of gas condensate;
• based upon the determined one or more parameters, projecting revenue for gas condensate produced from the condensate reservoir;
• and
• communicate, via a computer network to another processor, the determined one or more parameters to be used for at least one of building or operating the fracture network.

A computer-readable storage medium having instructions stored therein, which when executed by a computer cause the computer to perform a plurality of functions, including functions to:

• define a class of models by combining a simulated fracture geometry comprising a stimulated reservoir volume with accounting for fluid dynamics and phase transitions in the stimulated reservoir volume for modeling production in a plurality of reservoirs associated with the stimulated reservoir volume, wherein each model in the class of models is based on mass balance equations for gas condensate and water that enable phase transition analysis between gas and oil in a condensate reservoir;
• generate, based on at least one model from the class of models, an objective function to optimize the production of gas condensate in the plurality of reservoirs, wherein the objective function accounts for a market price of condensate;
• optimize the objective function to determine one or more parameters related to fracture stages of a fracture network in a reservoir of the plurality of reservoirs, the one or more parameters being those which optimize the production of gas condensate;
• based upon the determined one or more parameters, projecting revenue for condensate produced from the condensate reservoir;
• and
• communicate, via a computer network to another computer, the determined one or more parameters to be used for at least one of building or operating the fracture network.