What's New in PetroVR 2011 (Version 9.2)

Cost Visibility for Asset Decisions Tops List of 13 Enhancements in PetroVR 2011 Mid-Year Release

Exploration and production companies seeking to accelerate to production with cost visibility for their decision at step along the way will receive a power boost with PetroVR 2011 (9.2), now ready to download.

"User requests continue to drive PetroVR software development strategy, with cost visibility for faster decisions a top priority this year," said Ken Blott, chief strategist for Caesar Systems.

Thirteen (13) major enhancements and 381 minor improvements are included in this release, grouped in these four topics:

PetroVR-2011 (version 9.2) Highlights

Read Highlights from Version 9.1
Read Highlights from Version 8.3
Read Highlights from Version 8.2
Read Highlights from Version 8.1

Transparent

User feedback cites the importance of visual displays of data inputs, outputs and results to provide a transparent understanding of a petroleum exploration and development business system. PetroVR 2011 (9.2) continues to build on this strength with four (4) new capabilities that provide cost visibility linked to CapEx and OpEx for asset decision making:

Well Abandonment Costs shown in Well Completion details dialog box:It is now possible to associate specific OpEx to the abandonment of a production or injection well.

More flexible rig allocations in well interventions:From this version on, interventions performed on a well are not limited to using one and the same rig but can be assigned different ones, or none at all. Interventions with no rigs involved can be used to model operating expenses that do not require a rig but share some of the characteristics of interventions, like periodic recurrence or synchronicity with the life of a well.
New Runtime Variables to express periodic CapEx and OpEx in the financial modeling language (FML):It is now possible to refer to total and per period CapEx and OpEx in FML expressions, which allows the modeling of decisions based on how much has been spent so far at any point of the simulation.

New Options to Control Facility Cloning:Cloning by facility capacity in Automatic Reservoir Development and in Cloning Jobs is now optional. Also, from this version on when using this option it is possible to take into account just a percentage of the initial rate for connected wells.

Consistent

These four (4) enhancements give petroleum exploration and production professionals more flexibility in modeling without sacrificing the control set consistent rules, such as tracking user-defined and default variables for QA/QC:

Enhanced sensitivity inputs and graphs with a new-look Tornado graph:The inputs for sensitivity analysis have been made more flexible, with the ability to define non-symmetrical percentages and to study sensitivity on dates (start date of activities). Also, the Tornado graph has been redesigned, with a new look and additional selection options.

Detecting and reporting user-defined variables, not used: The Status Tabs now provide a complete list of unreferenced User-Defined Variables and PetroVR Econ variables, so that variables not impacting the simulation or economic calculations can be easily found and eventually removed.

Variables report highlights user-modified for QA/QC: The Variables report in Excel format has been enhanced to offer the complete detail of PetroVR Plan variables, highlighting those that have been modified by the user--a valuable tool for the QA/QC process.

Extended flexibility in User-Defined Variables in Portfolio Tool: The flexibility enabled by user-defined variables has been extended to the PetroVR Portfolio tool with the addition of a User Tab at the portfolio and project levels.

Integrative

Two (2) new visualization capabilities enhance PetroVR probability displays,a key requirement for integrative decision making:

Box Plots offer more options in probability percentiles: Blox Plot graphs for single probabilistic scenario results can now also display .10 and .90 percentiles apart from .25 and .75 quartiles.
More choices for cluster combinations in Monte Carlo results: Clusters obtained from grouping Monte Carlo simulation results according to sampled Boolean values can now be differentiated in levels based on similarities in the final values.

Easy to use

The work our clients do is hard and intense. While we can't remove the underlying difficulty of the mission, we can make the software easy to use.Here are a three (3) new capabilities intended to make work easier:

Drag and Drop from any Tab to Function Editor: The ability to drag-and-drop variables from the User Tab to the Function Editor was added in the previous version. Now you can do the same with any input variable from any tab.
Display Facility Descriptions as Tool Tips by clicking on a Facility in the Surface Layout: Facility descriptions entered in the Facility node can now also be displayed as Tool Tips by clicking on the facility in the Surface Layout.

One-step selection of multiple items to import from Edit Menu to an Econ Model: It is now possible to select multiple boxes when importing to an Econ model in one step from the Edit menu.

PetroVR 2011 version 9.2 features 13 new capabilities, along with 381 improvements to existing capabilities.

Coming soon to PetroVR

At the time of shipping PetroVR 2011 (9.2) our Development Team is already working on new features that will make it into the next version later this year:

Email a Help Desk Request from your Phone: Now you can also open and edit Help Desk requests from any email application on any device, without logging into the website.

Scenarios Interface: Better visual indications that the active tool is Scenarios rather than Plan.

Launch PetroVR from File: Open a PetroVR model by doble-clicking on it from the Windows explorer.

Browse and Search for Cost Categories Items:A new browser will help you identify and QA your cost categories.

Activities in Automatic Facility Expansions: Describe with more detail the steps required to build an expansion and their separate costs over time.

Re-Designed Probability Distributions Window: Enhancements to the visual presentation and selection of distributions.

New Tabular Declines.

Help Desk Forms Embedded in PetroVR:A menu item has been added in the Help menu to easily submit requests and send files to the Caesar Systems Help Desk from within the application, without using an Internet browser