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Capillary pressure has a great influence on the percolation of oil-water two-phase. We find that the seepage
resistance of oil-water two-phase in ultra-low permeability reservoir is complex and the capillary pressure presents
dynamic variation features through water flooding experiment. In this paper, first, we study the variation features of
seepage resistance by mercury injection experiment. Second, we establish a percolation numerical model of oil-water twophase
which considers the dynamic capillary pressure in ultra-low permeability reservoir. Finally, we analyze the sensitive
factors of dynamic capillary pressure and the effects of dynamic capillary pressure on oil-water two-phase seepage.
The results show that the capillary pressure and the dynamic effect of capillary pressure are obvious in ultra-low
permeability reservoir. When the coefficient τ of dynamic capillary pressure or the injection rate is larger, the dynamic
capillary pressure will be bigger. The existence of dynamic capillary pressure hinders the fltting speed of waterflood front
and reduces the oil production. The dynamic capillary pressure makes the moisture content rise faster for water wetting
ultra-low permeability reservoirs while it reduces the rising velocity of moisture content for oil wetting ultra-low
permeability reservoirs. This study is of great benefit to finding out the percolation law of ultra-low permeability reservoir
and the subsequent work of development.