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A wellbore flow project using Matlab should be very interesting. It is a multiphase flow problem. It is likely that the oil in the reservoir is undersaturated, so gas evolves as the hydrocarbons enter the wellbore. You will have to model heat transfer as well.

You may the discussion in Petroleum Production Systems, by Michael Economides Prentice Hall, useful for modeling multiphase flow. You will need to use correlations for modeling PVT properties.

You will have to break up the wellbore into segments, as in each segment. As you go from bottom hole conditions to the top of the well, there will be increasing gas flow, due to the cooling of the hydrocarbon and a decline in pressures.

I note that part of the Task Force assigned to study flow rates, will attempt a simulation of the wellbore flow. You might have more data if they produce a final report.

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