You friend went back to his engineering books and realized that he forgot to account for...

 

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You friend went back to his engineering books and realized that he forgot to account for the growth rate of the well's production. He adjusted his model, and now he believes that the production of the well will steadily decline at a growth rate (g) of -23%. He sends you the graph below to give you an idea of the well's production over time. [Assume that the well will produce for 50 years.] Well's Annual Production Number of Barrel of Oil 4000 3000 2000 1000 0 0 10 20 20 30 40 50 Year < Question 3.1. (20 points) Using your friend's prediction of the well's growth, how much oil will the well produce in year 1, 2, 10, and 50? You friend went back to his engineering books and realized that he forgot to account for the growth rate of the well's production. He adjusted his model, and now he believes that the production of the well will steadily decline at a growth rate (g) of -23%. He sends you the graph below to give you an idea of the well's production over time. [Assume that the well will produce for 50 years.] Well's Annual Production Number of Barrel of Oil 4000 3000 2000 1000 0 0 10 20 20 30 40 50 Year < Question 3.1. (20 points) Using your friend's prediction of the well's growth, how much oil will the well produce in year 1, 2, 10, and 50?

Answer rating: 100% (QA)

To calculate the amount of oil the well will produce in each year based on the given growth rate we ... View the full answer