Stochastic Estimation of Barrels of Oil Equivalent Conversion Factor for Natural Gas Volumes from Offshore Carbonate Fields in Ultradeep Waters

Abstract

Oil and gas production is measured in different units; therefore, there is a need to use a conversion factor of natural gas (NG) to barrels of oil equivalent (BOE). The SPE unit conversion factor, which is based on a reference oil, is often used. However, BOE conversion factors vary as a function of the high heating value (HHV) calculated for a gas, which in turn, varies as a function of the NG composition. Herein, by using Monte Carlo simulations, HHV and produced volumes of NG measured over the years were used in estimating BOE conversion factors for two offshore carbonate fields in ultradeep waters. Then, the new BOE conversion factors were used to review the production data collected in 2021. By comparing the new production data with the data obtained by using the SPE unit conversion factor, it is seen that the proposed conversion factors are more suitable for the specific assets than the standardized conversion factors.