1Department of Chemical Engineering, Federal University of Technology, Owerri, NIGERIA
2Department of Petroleum Engineering, University of Portharcourt, NIGERIA
3Department of Petroleum Engineering, Federal University of Technology, Owerri, NIGERIA
4Department of Mechanical Engineering, Federal University of Technology, Owerri, NIGERIA
Online published on 21 November, 2017.
In this work, a model was developed using Kamalu's (2010) natural resource depletion word equation in one hand and Hubbert zero rate of annual reserve concept on the other hand. Experimental data was collected from Nigerian Ministry of Petroleum and Minerals, 7 Kofo Abayomi Street, Victoria Island, Lagos to validate the model. It gave coefficient of correlation of 0.99997 and 0.99517for discovery and production of Nigerian condensate respectively. It was also established that Nigerian condensate will exhaust in the year 2518AD when the discovery and production values will be equal to 110MMB. The research reveals that there is a gentle interaction between the cumulative discovery and production and serious interaction between annual discovery and production as years roll by. This work can be used by Nigerian government to plan their condensate budget both nationally and internationally and to cushion their position in OPEC and the world.
Predictive modeling, Nigerian peak condensate, Zero rate reserve, Intersection
