Scenario Evaluations

Spend more time on insight generation, where value can be added; minimize time spent on routine modeling.

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The Issue

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

Figure 1: Scenario Tree provides a quick view of all scenarios and contains all deterministic and stochastic results for scenarios

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.

Figure 2: Stochastic Results are generated after 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.

Figure 3: Scenarios Cross Plot help identify the cross-over point where one scenario becomes the best one

The Results

“PetroVR Scenarios get us into insight generation more quickly, where value can be added, while minimizing time on routine modeling.”

About PetroVR

Petroleum Ventures and Risk (PetroVR) is simulation software for decision assurance, designed by and for E&P professionals to reveal uncertainty, pinpoint value and accelerate confidently to production.

Field proven for more than 15 years, PetroVR is the E&P industry standard for integrated asset development planning, and the only software platform designed to simulate an entire E&P network from sub-surface to point of sale that includes probabilistic risk and uncertainty modeling with full fiscal economics.

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 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; and London, United Kingdom.

Contact
Contact a Client Coach at +1 281.598.8800

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