This paper presents an evaluation of the trend of oil level production dependence on its operating cost, current oil price and expected revenue over a production period of 10 years (2003)(2004)(2005)(2006)(2007)(2008)(2009)(2010)(2011)(2012). Results from both experiment and model prediction show that the oil production level is very significantly affected by its operating cost and expected revenue at a particular current oil price. A three-factorial model was derived, validated and used for

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... response analysis. Results from evaluations indicated that the standard error incurred in predicting oil production level for each value of the expected revenue & operating cost considered, as obtained from derived model and regression model were 0.0401 and 3.5 x 10 -4 & 3.7348 and 3.7544% respectively. Further evaluation indicates that oil production per unit operating cost as obtained from experiment; derived model and regression model were 0.0556, 0.0552 and 0.0552 MTSB /M$ respectively. Comparative analysis of the correlations between oil production and operating cost, current oil price and expected revenue as obtained from experiment; derived model and regression model indicated that they were all > 0.99. The maximum deviation of the model-predicted oil production level (from experimental results) was less than 7%. This translated into over 93% operational confidence for the derived model as well as over 0.93 reliability response coefficients of oil production dependence to the operating cost, current oil price and expected revenue.