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Version 6.2 focuses on workflow improvements with two new features: a single-step command for compressing and e-mailing PetroVR projects and associated files directly from the application, and support for Excel 2007® (*.xlsx).
Caesar Systems is committed to continuous improvement in our tools and processes, which includes four periodic updates each year. PetroVR Version 6.1 was released on February 29, 2008.
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Highlights in PetroVR 6.1
Version 6.1 of PetroVR emphasizes greater insight from probabilistic analysis for management decision making and includes numerous client-requested workflow simplifications. Here are selected highlight summaries for your quick review.
Monte Carlo on Scenarios. Version 6.1 introduces this new feature for probabilistic modeling in the Scenario tool. Monte Carlo on Scenarios allows comparison of probabilistic results from multiple scenarios, ensuring compatibility among samples from scenarios. New graphs have been developed to display probabilistic differences between scenarios that reveal the statistical density of both array results and single results.
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Tornado Sensitivity Plots. This new sensitivity analysis is available in the PetroVR main toolbar. Sensitivities on PlanVR variables can be evaluated by selecting percentiles from their defined distributions; results are shown in the form of a Tornado Chart. By sampling the distributions of variables used as inputs for Monte Carlo, this sensitivity display provides visual comparison of key value drivers, such as reservoir recovery, initial rate, well drilling time and more.
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Cross Plots. Visualizing probabilistic results is enhanced with this feature added to the Results Window. PetroVR Cross Plots show statistical correlations between two given Monte Carlo results. Input variables can also be selected, which is useful for validation purposes. To analyze and validate Monte Carlo-derived results and the input correlations on certain input variables, this Cross Plot graph permits drill down from results to the inputs.
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Simple Rig Mode. PetroVR now includes an optional, simplified way of working with rigs that makes building projects even easier than before, saving many clicks. The choice between the new Simple Rig Mode and the classic Extended Mode depends on the various needs of each project. When aspects such as the individualization of rigs and the different mobilization costs are not relevant for the economic evaluation of a project, the Simple Mode should be used, whereas projects that require a detailed account of the various types of rigs to be used are best modeled using the Extended Mode. Switch between the two modes at any time during the modeling of a PetroVR project by selecting the appropriate radio button.
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Job Selection Screen. Version 6.1 features a fully rebuilt Job Selection screen intended to make the identification of appropriate jobs easier by means of two different visual arrangements. The Classic View displays all jobs in alphabetical order, whereas the Category View groups them in categories depending on their relationship with key PetroVR concepts such as wells, facilities or rigs. Each Job has an icon, which allows quick visual identification, and a brief description that appears at the bottom of the screen. Shortcuts to recently used jobs are also included.
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Depreciation Explorer. Depreciation calculation has been up-graded by moving it out of EconVR and by creating its own Explorer window accessible from the PetroVR toolbar. This promotion stresses the fact that depreciation has importance beyond the economic model. Depreciation calculations are performed directly using PlanVR data during the simulation.
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Fluid Component Catalog. Fluid components are now managed through a special catalog. PetroVR catalogs give the user the ability to easily create and share resources among projects. Categories of reserves are now managed through a special catalog. External text-files are no longer needed to customize reserves booking.
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Decision Tree Visualization. Decision Tree graphs now include visualization of multiple results alongside each branch, providing more information at a glance. Results are displayed in a customizable table.
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Well Groups in EconVR. Production variables associated to Well Groups are now available as EconVR inputs, which makes Well Groups an even more powerful concept enabling economic categorization of wells.
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Improved Correlations. An improved correlation algorithm has been developed for version 6.1, producing very accurate results within the limit of 200 iterations. When working with correlations, take advantage of PetroVR Cross Plots, a useful tool for inspection and analysis of statistical correlations between two given variables, which may be either Monte Carlo results or inputs. The lower limit of 10 iterations to run Monte Carlo when working with correlations has been removed in this release.
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Simplified Routing. Routing algorithms have been simplified leading to faster simulation runs.
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