http://journal.uir.ac.id/index.php/JGEET E-ISSN : 2541-5794 P-ISSN : 2503-216X Journal of Geoscience, Engineering, Environment, and Technology Vol 7 No 4 2022 Ariyon, M. et al./ JGEET Vol 7 No 4/2022 189 RESEARCH ARTICLE Economic Feasibility Analysis of Fishing Job Operation in Well YS13 Muhammad Ariyon 1*, Bella Santika 1, Fitrianti 1 1 Department of Petroleum Engineering, Faculty of Engineering, Islamic University of Riau, Jalan Kaharuddin Nst No. 113 Marpoyan, Pekanbaru, Riau, Indonesia * Corresponding author : aryonmuhammad@eng.uir.ac.id Tel.: +62 813 2151 4121 Received: Oct 1, 2022; Accepted: Nov 20, 2022. DOI: 10.25299/jgeet.2022.7.4.10190 Abstract Oil consumption in Indonesia has increased from year to year. However, the increasing demand for oil and natural gas is inver sely proportional to oil and gas production, which always declines from year to year. One of the factors causing the decline in production is the well damage. Well YS13 is a well that is damaged in the form of fish in the well. A fishing job is the most appropriate option to solve the problem of the presence of fish in the well because the fish in the well must be removed to continue well production activities or drilling activities. This study aimed to determine the economic feasibility of fishing job activities to be carried out at the YS13 well. The research begins with the preparation of the required data, then calculate the predicted production of the YS13 well with the decline curve method, estimates the cost of the fishing job, and economic fishing time (EFT). And determines the economic feasibility of the fishing job project by calculating profit indicators, namely Net Present Value (NPV), Internal Rate of Return (IRR), and Pay Out Time (POT). The results of calculations using the decline curve method obtained that the total production for 20 months is 4293.52 bbl. The EFT value is 3 days with Ps = 10% and the total cost of fishing is $28.657,70. The economic value of the project with discount rate = 12%, MARR = 12%, NPV = $147.367,20, IRR = 114%, and POT = 1.44. From the results of the calculation of the economic feasibility, the project is considered feasible to be carried out. Keywords: Fishing Job, Decline Curve, Economic Fishing Time (EFT), NPV, IRR. 1. Introduction Oil and gas are indispensable resources for the community in supporting daily activities. Hence, it contributes significantly to the economy and industry of a country and is one of the economic and income supports of the state (Erziyanti, 2019). Oil consumption in Indonesia is increasing year after year. In 2015, oil demand was recorded at 1.5 million barrels of oil a day (bopd), and it grew to 1.6 million bopd in 2016 and 1.7 million bopd in 2017 (Taher, 2019). However, the increasing demand for oil and natural gas is inversely proportional to Indonesian oil and gas production, which has been in decline for the last few years. The condition of old wells is often the cause of not optimal exploitation activities resulting in a decrease in the amount of production (Utama, 2014). In addition to the condition of old wells, another factor that causes a decrease in production is damage to wells that still have potential (Wibisono, 2018). One of the damages to the well is the presence of fish in the well which hinders well production activities. Fish is material or equipment left in the well: it can be stuck pipe, broken pipe, drill collar, bit, hand tool, cable, etc. (Degeare, 2015). This fish or equipment left behind needs to be removed to continue the operation to be carried out. Most fish occur during drilling activities, but it is possible for fish to occur in wells that are already operating. Fish in operating wells will certainly hamper production activities which can lead to a decrease in the amount of production. Therefore, the fish in the well should be removed if deemed economically viable. Activities that can be used to remove fish from boreholes are fishing job operations (Lyons and Plisga, 2005). Well YS13 is a directional well that was completed in 2012 and has a potential production of 20 BOPD. However, in 2014 the ESP (Electric Submersible Pump) circuit broke and was left in the well which caused the production to stop. Therefore, it is necessary to carry out well maintenance to produce the well again. Well maintenance carried out is a fishing job operation to remove a series of ESP left in the well. The fishing job activity is a well maintenance activity that requires a large amount of money due to time and the equipment needed and are inputs to determine if the activity can still be considered profitable (Adkins, 1993). To determine the economic feasibility of well YS13, maintenance activities will be calculated from the Net Present Value (NPV), Internal Rate of Return (IRR), and Pay Out Time (POT) (Ariyon, Setiawan and Reza, 2020) (William, Kartoatmodjo and Prima, 2017). 2. Methods 2.1 Fishing Job Operation Fishing is a technique of removing lost or trapped objects from the wellbore. Fishing job is part of planning in drilling and workover operations (Degeare, 2015). The factors that cause the occurrence of fish include: 1. mechanical failure such as, pump failure, lifting equipment, subsurface equipment 2. deviation factor, dogleg, and crooked hole 3. human error. Fishing can be called a risk management strategy. When fishing is successful, the well will be safe and if not, it will suffer a considerable loss (Degeare, 2015). Cost fishing is the cost incurred during fishing job activities carried out. The cost of fishing will be even greater if there is an increase in rig cost due to excessive depth or in more complex wells. http://journal.uir.ac.id/index.php/JGEET 190 Ariyon, M. et al./ JGEET Vol 7 No 4/2022 Daily Fishing Cost = equipment cost +rig cost + operator cost (1) The YS13 well is an off-production well that will be reactivated by carrying out fishing operations to retrieve fish left in the well. To calculate the fishing economy of the YS13 well, the Economic Fishing Time (EFT) parameter is used. EFT= Ps ×LPO DFC (2) EFT : Economic Fishing Time (days) Ps : Probability of Success (%) LPO : Loss Potential Oil ($) DFC : Daily Fishing Cost ($/day) In this EFT concept which condisers not only the cost but also the operation’s probability of success (Cunha, 1994). In this case, for a well with a probability Ps of a successful fishing job, there will be the following possibilities: a. do not perform the fishing job and lost potential oil production b. do the fishing job successfully in a time T and expend DCF.T c. do the fishing job unsuccessfully during the time T and then abandon the fish and do perforation on other zone The probability of success is used to determine the time that will be used in a fishing operation. The percentage value of Ps ranges from 5% to 85%. The percentage is obtained from operations that have been carried out previously, although no fishing operation is exactly the same (Kemp, 1986). Loss potential oil is the potential oil that will be produced if a fishing job is carried out, the value used is the cumulative income from the well (Pertamina, 2015). Daily fishing cost is the cost used in fishing operations per day. 2.2 Decline Curve Analysis Production from time to time will cause a decrease in pressure which will cause a decline in the production rate per unit of time. This is due to the limited volume of the oil reservoir. The combination of time, production rate, and cumulative production can be used to determine the remaining reserves and production life of a well or oil and gas field (Lyons, Plisga and Lorenz, 2015). Decline curve analysis is a method used to estimate oil and gas reserves based on production data after a certain time interval (Irwin, 2015). Fig. 1. Decline curve plot Decline curves are generally divided into three types based on the exponent decline (b): 1. Exponential (b=0) : curve tends to be straight (constant slope) 2. Hyperbolic (0