Assignment 1

Sooner or later in the development of any natural resource it becomes highly

desirable to know the quantity of this resource. The most common decline
curve relationship is the constant percentage decline (exponential). Initially
discovery is easy means initially quantity is more and easy to find by digging
and when times goes on or started more digging there would be difficulty in
discovery or face difficulty in finding the quantity of oil compare to initial
situation. We can understand this method by plotting a curve.

In starting, when digging is zero quantity is at maximum point, as digging is

going on quantity is fluctuating up and down because it is possible that we can
suddenly found a field where oil quantity is too much ex. Iraq etc. but on
average quantity is continuously exponentially decreasing as we continue
digging. By using the fluctuating curve we can find the best fitting exponential
curve and equation and hence, with the help of graph we can estimate the
cumulative oil quantity in future as we extend the graph.
Variation of quantity with respect to A:

As we increase A, quantity (Q) is decreasing for any fixed year. As year

increases graph will be nearly meet for all values of A.

Variation of quantity with respect to B:

As we increase B, quantity (Q) is increasing for any fixed year. Initially curve for
all values of B is starting from same point means quantity is same as years
increases curves are again meet at some point.

Variation of quantity with respect to to:

As to increases clearly quantity Q is decreasing.

- Vivek Patel
- 170030021