DECLINE CURVE

It is the process of estimating oil reserves and predicting the production of it in the reservoirs and oil fields. It shows how oil and gas production rates decreases. Most decline curves are based on exponential, hyperbolic or harmonic Arps equations, but tend to have shortcomings such as underestimating reserves, underestimating production rates, or overestimating reservoir performance. The Arps equations were developed in the mid-1900s but are still used today despite their limitations.