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The software package for which the specifications apply is indicated
in brackets. The PetroVR software package includes all functional
specifications below.
PetroVR Tool Suite Objective: Full cycle
project models
considering all key exploration, engineering, and financial
risks and uncertainties.
Resources - Input Requirements and Considerations (PlanVR)
- 1) Fluids
- a) Considers oil, gas, and water properties;
composition for blending operations
- 2) Drilling
- a) Considers well cost, drilling time, and
operating expense; includes learning and departure curves
- 3) Volumetrics
- a) Considers exploration and petrophysical
properties
b) Calculates volumes of generated, migrated, and trapped hydrocarbons
- 4) Well Performance
- a) Exponential, hyperbolic, harmonic, and
reservoir model declines available for producers
b) Rate control available for injectors
c) Rate restrictions and injection conversions are supported
- 5) Patterns
- a) Controls well types, locations, and drilling
sequences
- 6) Reservoirs
- a) Defined by fluid, drilling, volumetric,
well performance, and pattern resources
b) Calculates well requirements and controls production forecasts
c) Multiple well performance types supported
- 7) Facilities
- a) Considers costs, construction time, operating
expense, and capacity
b) Fluid connections are overlaid on metafile images
Development Modeling & Cash Flow Generation Tools (PlanVR)
- 1) Timelines
- a) Interactive, project management style,
scheduling tool
b) Builds event schedules utilizing PetroVR's resources
c) Controls cash flow timing and rig schedules
d) Considers exploration, appraisal, development, operation,
commercial, and abandonment events
- 2) Process Flow Diagram
- a) Interactive facility layout tool
b) Defines the production system
c) Routes and controls fluid flow
- 3) Constraints
- a) Facility Capacity
b) Drilling rig pools
- 4) Automation & Calculation Features
- a) Reservoir appraisal well schedules
b) Reservoir development well and facility schedules
c) Capital and operating expense profiles
d) Production profiles
e) Rig and well utilization
f) Volume weighted fluid blending
- 5) Decision Trees
- a) Decisions and chance nodes are defined
as "chance" events in the Timeline.
b) Branch probabilities can be defined as in tabular form or
as functions of other input.
c) The decision tree result parameter can be any economic model
result.
-
Financial Modeling System (EconVR)
- 1) Interactive, graphical financial model
builder
2) Defines the project's fiscal regime and deal structure
3) Input requirements and considerations:
- a) Product prices and transportation tariffs
b) Royalties, profit splits, and cost recovery mechanism
c) Tax structure
- 4) Modeling Tools
- a) Algebraic style financial modeling language
b) Visual calculator style interface
c) Automatic spreadsheet financial model builder
- 5) Financial Calculations
- a) Net Present Value, Internal Rate of Return,
ROR based cost recovery and profit splits, rate based royalties
- 6) Spider plots showing variations in the
economic model results as a function of an input variable
-
Portfolio Management System (PortfolioVR)
- 1) Interactive, graphical portfolio model
builder
2) Gives ability to manipulate project results at multiple portfolio
levels.
3) Modeling Tools
- a) Algebraic style financial modeling language
b) Visual calculator style interface
c) Automatic spreadsheet financial model builder
- 4) Financial Calculations
- a) Net Present Value, Internal Rate of Return
- 5) Portfolio Optimization Tools
- a) Efficient Frontier Plots of any portfolio
result variable.
b) Constraints can be imposed at project and portfolio level.
Monte Carlo Risk Analysis Tools(PlanVR, EconVR, PortfolioVR)
- 1) Input probability
distributions and chance of failure can be associated with
most engineering and financial variables
2) Models
- a) Exploration risk analysis
b) Full cycle economic risk analysis
- 3) Output statistics available for most exploration,
engineering, and financial calculations
4) General features
- a) Input variable correlations
b) Sensitivity analysis
-
Other general features
- 1) User definable unit system
2) Comment system available for most variables
3) Output reports to Excel 97/2000
4) Utilizes Excel 97/2000 for technical graphics
5) Project oriented file system with sharable resource files
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