(This sheet must be included with your work submission)Required Academic Integrity Statement: (Texas A&M University Policy Statement)Coursework Copyright Statement: (Texas A&M University Policy Statement)Lab Assignment Coversheet(This sheet must be included with your work submission)Required Academic Integrity Statement: (Texas A&M University Policy Statement)Academic Integrity StatementAll syllabi shall contain a section that states the Aggie Honor Code and refers the student to the Honor Council Rules andProcedures on the web.Aggie Honor Code"An Aggie does not lie, cheat, or steal or tolerate those who do."Upon accepting admission to Texas A&M University, a student immediately assumes a commitment to uphold the Honor Code, to accept responsibility for learning and to follow the philosophy and rules of the Honor System. Students will be required to state their commitment on examinations, research papers, and other academic work. Ignorance of the rules does not exclude any member of the Texas A&M University community from the requirements or the processes of the Honor System. For additional information please visit: www.tamu.edu/aggiehonor/On all course work, assignments, and examinations at Texas A&M University, the following Honor Pledge shall be preprintedand signed by the student:"On my honor, as an Aggie,I have neither given nor received unauthorized aid on this academic work."Aggie Code of Honor:An Aggie does not lie, cheat, or steal or tolerate those who do.Required Academic Integrity Statement:"On my honor, as an Aggie, I have neither given nor receivedunauthorized aid on this academic work." Evan Situ ____________(Print your name) Evan Situ _____(Your signature)Coursework Copyright Statement: (Texas A&M University Policy Statement)The handouts used in this course are copyrighted. By "handouts," this means all materials generated for this class, which include but are not limited to syllabi, quizzes, exams, lab problems, in-class materials, review sheets, and additional problem sets. Because these materials are copyrighted, you do not have the right to copy them, unless you are expressly granted permission.As commonly defined, plagiarism consists of passing off as one’s own the ideas, words, writings, etc., that belong to another. In accordance with this definition, you are committing plagiarism if you copy the work of another person and turn it in as your own, even if you should have the permission of that person. Plagiarism is one of the worst academic sins, for the plagiarist destroys the trust among colleagues without which research cannot be safely communicated.If you have any questions about plagiarism and/or copying, please consult the latest issue of the Texas A&M University Student Rules, under the section "Scholastic Dishonesty."Lab Assignment Grading Rubric(This sheet must be included with your work submission)Criteria PointsAdherence to the SPE Style Guide & Petroleum Engineering Handbook / 10Grammar/Professionalism / 5Completeness of Literature Review / 15Completeness of Introduction / 10Completeness of Methodology / 15Completeness of Discussion / 15Completeness of Conclusions / 10Completeness of References / 10Completeness of Nomenclature / 10Final Grade /100Literature ReviewThe purpose of this lab was to understand the effective utilization of the secant method and the false position method. The false position method is an alternative approach that can be used to join f(xl) and f(xu) by a straight line. The straight line replacement of the actual curve indicates a “false position” of the root. In other words, the intersection of the straight line andthe x-axis represents an improved estimate of the root. To calculate for the improved estimate of the root, Eq. 1 was effectively utilized.xf(xl)−f (¿¿u)xr=xu−f (xu)(xl−xu)¿……………………………………………………………………………………. Eq. 1Furthermore, the secant method is another method that is similar to the false position method. It can be another approach that can be used to join f(xi) and f(xi-1) by a straight line. Unlike the false position method, the secant method replaces the vales in strict sequence, with the value xi+1 replacing xi and xi replacing xi-1. During the process of effectively using the secant method,multiple values can lie on the same side of the root. But, at certain cases, values can diverge from the actual root, or solution. To calculate the improved estimate of the root with this particular method, Eq. 2 was effectively utilized. Figure 1 demonstrates the different scenarios during the utilization process of the false position method and the secant method.Fig. 1 –FalsePositionandSecantMethodsxxxf (¿¿ i−1)−f (¿¿ i)¿f (¿¿ i)(xi−1−xi)¿xi+1=xi−¿………………………………………………….…………………………………Eq. 2IntroductionThe oil well under investigation in this lab is drilled for an initial cost of $15 million and is forecasted to for 30 years of production, with initial revenue of $30 million, decreasing to $3 million, and with $1 million in annual expenses. After 30 years, an oil and gas company have plans to sell the oil for $5 million dollars. With all the necessary given information, the interest rate necessary to make the present value ration (PVR) equal to 1 for the well must be determined by the effective utilization of the secant and the false position methods through Visual Basics for Application. Figure 2 demonstrates the regular well cash flow and the modified well cash flow of the oil well under extreme scrutiny.Fig. 2 – Regular and Modified Well Cash Flow DiagramsMethodologyBefore executing the procedures of this lab, these helpful equations for calculating the present value of the future value, the present value of the annuity, the present value of the linear gradient, the net present value, and the present worth cost, and the present value ratio were kept in mind. P=F (1+i)−n……………………….………………………………………………………………………Eq. 31+i¿¿¿n−1¿P= A ¿……………………………………………….………………………………………………. Eq. 4A=G(1+i)n−i∗n−1i(1+i)n−11………………………………………………………………….………………………. Eq.
View Full Document
Unlocking...