PetroVR Project offers a comprehensive tool set for business simulation of upstream projects across a wide range of asset development types, including conventional and unconventional projects, as well as improved oil recovery (IOR) and enhanced oil recovery (EOR).
- Read detailed business simulation capabilities and successes in our Knowledge Base, such as $1 Billion Upside in the GOM and Capturing the Upside in Shale Gas Drilling
How PetroVR Simulations Work
PetroVR empowers teams to capture and understand uncertainties by simulating the entire project over a long time span. Within a PetroVR business simulation, project schedules, production profiles, economic metrics and risk analysis are modeled using popular sensitivity tools and Monte Carlo analysis.
A PetroVR business simulation relies on Rules that are prompted in the program and based on accepted oilfield practices. Development planning modelers can edit existing or create new Rules to ensure a valid model that honors corporate goals and real world constraints.
The power of this business simulation approach is realized when you can see every entity in your project — reservoir, fluids, rigs, wellbores, well completions, and facilities — operating over a long time period, revealing risks, where the hidden value is, and real decision trade-offs. PetroVR business simulations permit you to compare alternative scenarios and find the best one for your asset or project.
“Most recently, we did a large project on an … acquisition that has historically been influenced by issues we were not really able to quantify, and what we successfully did with PetroVR is … to capture those issues and … quantify the effect in terms of scheduling and costs.”
– Team Lead, major oil company