In this experiment, we were trying to make model of the real version when trying to find oil beneath the ocean. So below this, is the box in which the whole experiment is based on.
Each one of those little numbers go starting from A1 in the way upper left, to E5 in the way bottom right. Below this statement will be the Procedure on how to start but also do this experiment as well.
1) Measure and mark each centimeter on a stick. In this case, we used a normal china made stick.
2) Next, attach the drill bit (toothpick) onto it.
3)Select the location for the first drill site and drill straight down. Make sure to note depth of the drilling bit.
4) Record the cost associated with the first sire and the depth you drilled.
5) If there was no oil, select another area site and repeat till you find it.
6) After the oil is discovered, inform the site foreman (guardian), and select a reservoir and recovery rate card, and calculate the money that you have made.
Now down here is the price of each mistake, and all the calculations used to see how much you lost and/or gained. You start with 3,000,000
1) Measure and mark each centimeter on a stick. In this case, we used a normal china made stick.
2) Next, attach the drill bit (toothpick) onto it.
3)Select the location for the first drill site and drill straight down. Make sure to note depth of the drilling bit.
4) Record the cost associated with the first sire and the depth you drilled.
5) If there was no oil, select another area site and repeat till you find it.
6) After the oil is discovered, inform the site foreman (guardian), and select a reservoir and recovery rate card, and calculate the money that you have made.
Now down here is the price of each mistake, and all the calculations used to see how much you lost and/or gained. You start with 3,000,000
Items
Drill Rig Set up, $225,000 each time Drilling cost $100,000 per cm Drill Bit Replacement $500,000 (if broken) EPA Infractions $500,000 |
(X) of times used
______________3____________ ___________4 cm_____________ ___________________________ ___________________________ |
Total Cost
__________675,000____________ __________1.2Million___________ ____________N.A._____________ ____________N.A._____________ |
Total operation cost: $1,875,000
Profit Worksheet
Reservoir Size---------------------------------------- Recovery Rate----------------------------------------- Amount of oil in reservoir Amount of oil recovered from reservoir Barrels of oil recovered from reservoir Monet from sale of oil |
Value
------------------------- 7km^3 -------------------------- 45% ---------------------------3.4 km^3 --------------------------1.575 km^3 ------------------------9906.75 Barrels ------------------------928,000 (estimate) |
Total Profit (loss) = $ -.9million