Development planners add big value to the E&P decision process when they can spend the majority of their time on scenario evaluation and insight generation. We often see that due to the limitations of other tools and workflows, the opposite is true, and most of a planner’s time is spent on modeling and data manipulation with little time left for value-added analysis.
The PetroVR Solution
PetroVR addresses this with robust, easy to use tools that get the development planner quickly into insight generation where value can be added, while minimizing the time spent modeling.
The scenario evaluation capabilities built into PetroVR allow the user to focus on insights rather than on data and plot generation. Scenarios take advantage of the PetroVR change system to automatically track and display all changes made to a scenario thereby eliminating the need for detailed manual record keeping.
How It Works
All scenarios are accessible in a single interface. That interface contains the full deterministic and stochastic results for each scenario.
It also provides unified displays of both deterministic and stochastic results for all scenarios. The graphical interface for comparing scenario results include plots of deterministic single-value and array results.
Stochastic “s-curves” for single value results and “percentile” and “box-plots” for array results are available once a Monte Carlo simulation has been performed on the scenarios.
In addition, the cross-plot capability for multiple scenarios can help identify the cross-over point where one scenario indicates the preferred alternative. For example, as shown below, a “stand-alone” strategy is generally superior to a “tie-back” strategy when the reserves exceed 600 MMbbl.
“PetroVR Scenarios get us into insight generation more quickly, where value can be added, while minimizing time on routine modeling.”
Petroleum Ventures and Risk (PetroVR) decision assurance software was introduced 15 years ago in 1997 and is positioned to be the industry standard for petroleum exploration and production planning worldwide. It is the only fully-integrative software platform for E&P asset development planning that supports risk and uncertainty modeling for the entire opportunity lifecycle, from sub-surface to market.*
In addition to its selection by the U.S. Department of the Interior, Bureau of Ocean Energy Management (BOEM), formerly the MMS, PetroVR decision assurance software has been chosen by more than 25 oil and gas companies since 1997, including BHP Billiton, BP, Chevron, ENI, Maersk, Murphy Oil, Shell, Talisman and Total.
Read the PetroVR Blog at http://www.caesarsystems.com/blog/
PetroVR is a Registered Trademark of Caesar Systems, LLC.
About Caesar Systems
Headquartered in Houston, Caesar Systems empowers E&P companies to accelerate confidently to production through its PetroVR software suite, backed by global coaching support.
Caesar Systems is led by an experienced team of oil and gas and software professionals at offices located in Houston, Texas; Buenos Aires, Argentina; Paris, France; Copenhagen, Denmark; and London, United Kingdom.
Contact a Client Coach at +1 281.598.8800