A system and method of fluid analysis in a hydrocarbon borehole is disclosed. Acoustic energy is emitted into the production fluid downhole at a level which causes a phase transition in the fluid. The pressure associated with the phase transition is determined using the level of emitted acoustic energy. Advantageously, the determination of the phase transition pressure need not rely on mechanical means to substantially alter the volume of a sample of the fluid. An acoustic transducer can be installed either semi-permanently or permanently downhole in the well. The bubble point or the dew point can be detected. In the case of bubble point detection, the bubbles in the fluid can be detected by sensing variations in impedance of the acoustic transducer, and the level of emitted acoustic energy can determined by measuring the electrical energy used to drive the transducer. A control system for a hydrocarbon well is also disclosed. A control valve system is used to control the flow of fluid being produced by the well. A real time sensor is provided downhole and is used to make real time measurements of phase characteristics of the fluid. A controller is used to control the valve system so as to reduce the risk of undesirable phase transitions in the fluid based on the real time measurements made by the sensor. The sensor includes an acoustic transducer configured to emit acoustic energy into the fluid at a level which causes a phase transition in the fluid. The controller determines the level of acoustic energy emitted into the fluid, and also determines the pressure associated with a phase transition using the level of emitted acoustic energy.