Fluid parameters and associated behaviors of hydrocarbon production in oil and gas industry are widely related to fluid temperature. The preservation of the thermal energy is considered to be beneficial for improved and unhindered flow during all production phases from the reservoir to the refinery. This thesis research identified potential technological and process improvements/techniques for thermal insulation in the wellbore with the goal of evaluating and describing holistically related cost benefits. Well data was provided and using simulations, the minimum requirements of energy preservation in terms of the heat transfer coefficients were investigated. For each of the thermal insulation techniques, the heat transfer coefficient was calculated and a model for analysis was set up/simulated. Results from the simulations clearly proved that in addition to maintaining oil viscosity especially for heavy oils during production, thermal energy preservation in the wellbore has several other benefits such as wax precipitation reduction and/or prevention, improved well integrity, reduced paraffin precipitation, reduced liquid loading in gas wells, substantial improvement in steam temperature during injection leading to lower CAPEX and significant reduction on carbon footprint in the long term. Therefore, the thesis research concluded that if effected, thermal energy preservation in the wellbore has noteworthy impact on flow assurance, oil and gas production and the overall well economics.