Production weighted decline rate

Production-weighted decline rate of oil and gas fields is somewhat different, especially since 1985, compared to the average decline rate. The reason for this change is the introduction of new technologies, most notably horizontal drilling and fracturing techniques, in many major fields. Using new technologies, it was possible to halt the decline in many giants …

Decline rates; Decline of production of an oil field; Decline curves; Average decline rate; Average production decline rate

The evolution of decline rates of oil fields over past decades includes the impact of new technologies and production techniques and clearly shows that the average decline rate for individual giant fields is increasing with time. These factors have significant implications for the future, since the most important world oil production base – giant fields …

Availability factor for a power plant; Availability factor for a wind turbine

The availability factor for a power plant has historically meant the probability that when you needed it to be working, it was ready.  For example, hydropower plants are often used for providing peak power, and may be used only 25% of the time.  However, if, in a given year, the power plant successfully produces power …