It is quite common for oil/gas two-phase flow in developing fractured carbonate oil reservoirs. Many analytical models proposed for black oil wells in fractured carbonate reservoirs are limited to single-phase flow cases and conventional methods have been the use of numerical simulations for this problem. In this approach, a novel semi-analytical method is proposed to integrate the complexities of phase change, pressure-dependent pressure-volume-temperature (PVT) properties, two-phase flow behavior, and stress-dependent fracture permeability characteristics. A dual-porosity, black oil model considering the phase change and two-phase flow is applied to model the fractured carbonate reservoirs. To linearize the model, only flow equations of oil phase are used to develop the mathematical model. Nonlinear parameters and producing gas–oil ratio (GOR) are updated with coupled flowing material balance equations, followed by a novel proposed procedure for history matching of field production data and making forecasts. The semi-analytical method is validated with a commercial simulator Eclipse. The results show that both of the production rate curves of oil and gas phase using the proposed model coincide with the numerical simulator. The results also show that the effects of pressure-dependent fracture permeability, fracture porosity, and exterior boundary on production rate are significant. Stress sensitivity influences production rate during the whole process, reducing the cumulative production. Fracture porosity influences production rate during the intermediate flow periods. The exterior boundary affects production rate mainly in the early and intermediate production periods. Finally, a field example from the eastern Pre-Caspian basin is used to demonstrate the practicability of the method. Acceptable history match is achieved and the interpreted parameters are all reasonable.

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