Oil Well

Oil fields:ELoil=WI×LOENRI[Po+(Pg×GOR)/1,000]×(1−T){\displaystyle {EL}_{oil}={\frac {{WI}\times {LOE}}{{NRI}[{P_{o}}+({P_{g}}\times {GOR})/1,000]\times (1-{T})}}} Gas fields:ELgas=WI×LOENRI[(Po×Y)+Pg]×(1−T){\displaystyle {EL}_{gas}={\frac {{WI}\times {LOE}}{{NRI}[({P_{o}}\times {Y})+{P_{g}}]\times (1-{T})}}} Where:ELoil{\displaystyle {EL}_{oil}} is an oil well's economic limit in oil barrels per month (bbls/month). ELgas{\displaystyle {EL}_{gas}} is a gas well's economic limit in thousand standard cubic feet per month (MSCF/month). Po,Pg{\displaystyle {P}_{o},{P}_{g}} are the current prices of oil and gas in dollars per barrels and dollars per MSCF respectively. LOE{\displaystyle {LOE}} is the lease operating expenses in dollars per well per month. WI{\displaystyle {WI}} working interest, as a fraction. NRI{\displaystyle {NRI}} net revenue interest, as a fraction. GOR{\displaystyle {GOR}} gas/oil ratio as SCF/bbl. Y{\displaystyle {Y}} condensate yield as barrel/million standard cubic feet. T{\displaystyle {T}} production and severance taxes, as a fraction.

An oil well is a boring in the Earth that is designed to bring petroleum oil hydrocarbons to the surface. Usually some natural gas is produced along with the oil. A well that is designed to produce mainly or only gas may be termed a gas well .

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