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Mathematical model of dynamic wellbore storage effects is based on the idea that if surface rate changes  \delta q_s at certain moment then it will take some time before the pressure disturbance reach the bottomhole and  induce sandface flow variance  \delta q_t :

(1) \delta q_s = \delta q_t - C_S \, \frac{dp_{wf}}{dt}

where  

q_s

surface flow rate

q_t

total water, oil, gas sandface flowrate

p_{wf}

bottom-hole pressure

C_S

constant value called wellbore storage (WBS)


In stationary conditions the surface fluid volumes  q_s and sandface volumes  q_t  are related through formation volume factor B :

\delta q_t = \delta q_s



Same happens if the well is shut-in at surface.

The formula  (1) has very generic view and simply states that in the moment of well opening the  surface flow will be zero as  qB = C_S \, \frac{dp_{wf}}{dt} while in time the pressure diffusion is getting stabilised and pressure variation vanishes leading to equalization of the surface and sandface flows.

The actual form of the function    C_S(p_{wf})  depends on the particular physics of fluid flow inertial effect and few of them are explained below.


Wellbore storage from fluid compressibility


The simplest case is when borehole is filled with fluid at all times which makes calculation of wellbore storage easy: 

C_S = c \, V_{wb}

where  c –  fluid compressibility,  V_{wb} – wellbore volume available for flow.


This normally happens for water injectors and gas wells (producers or injectors) at high formation pressure.

In case of water injector the fluid compressibility is constant  c(p) = \rm const at all pressures and if well has no integrity issues the wellbore volume  V_{wb} will remain constant in time leading to a constant wellbore storage C_S = \rm const.


Wellbore storage from varying fluid level


In case of oil producers the dynamic fluid level is always below surface and shutting the well down will cause after flow from formation and fluid level rise at constant pace  q with the following wellbore storage:

(2) C_S = \frac{A}{\rho \, g}

where \rho –  fluid density,  A – wellbore cross-sectional area available for flow, g – standard gravity.


The true vertical pressure difference between two points of a rising fluid column is:

(3) \Delta p = \rho g \Delta h = \frac{\rho g}{A} \Delta V

The pressure build up then:

(4) \frac{dp}{dt} = frac{\rho g}{A} \frac{dV}{dt} = frac{\rho g}{A} q

or

(5) \delta q_s = \delta q_t - \frac{\rho g}{A} \, \frac{dp_{wf}}{dt}

providing that q_s = 0 until fluid column has reached a surface the surface .

Comparing (5) to (1) one arrives to (2)



Varying wellbore storage 


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