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PetroVR strives to model the entire life-cycle of petroleum investments
from conception to abandonment. The system allows any uncertainty
having an impact on the project profitability to be measured.
The following tables show the key parameters in PetroVR, which
can be a risked variable in a Monte Carlo simulation and the parameter's
key impact on the project. Note that each of the following parameters
can be defined via PetroVR functions. These functions can be based
on user defined inputs, so that nearly any imaginable uncertainty
can be included!
FLUIDS
Type |
Parameter |
Volume |
Rate |
Time |
Money |
| Oils |
Gravity |
|
|
|
x |
| |
GOR |
x |
|
|
x |
| |
Bo |
x |
|
|
|
| Gases |
Gravity |
|
|
|
x |
| |
BTU |
|
|
|
x |
| |
Oil Yield |
x |
|
|
|
| |
Water Yield |
x |
|
|
|
DRILLING
Parameter |
Volume |
Rate |
Time |
Money |
| Day Rate |
|
|
|
x |
| Fixed Cost |
|
|
|
x |
| Days |
|
|
x |
|
| OpEx |
|
|
|
x |
| Learning |
|
|
x |
x |
| Deviation |
|
|
x |
x |
RESERVOIRS
Type |
Parameter |
Volume |
Rate |
Time |
Money |
| |
Well Spacing |
x |
x |
x |
x |
| Exploration |
Fetch Area |
x |
|
|
|
| |
Source H |
x |
|
|
|
| |
TOC |
x |
|
|
|
| |
Generation Efficiency |
x |
|
|
|
| |
Migration Efficiency |
x |
|
|
|
| |
Trap Timing |
x |
|
|
|
| |
Seal Integrity |
x |
|
|
|
| Volumetrics |
Reservoir Area |
x |
|
x |
x |
| |
Net Pay |
x |
|
|
|
| |
Rock Volume |
x |
|
|
|
| |
Gas Cap |
x |
|
|
|
| |
Porosity |
x |
|
|
|
| |
Saturation |
x |
|
|
|
| |
Recovery Factor |
x |
|
|
|
| Gas |
Reservoir Temperature |
x |
x |
|
|
| |
Initial Pressure |
x |
x |
|
|
| |
Abandonment Pressure |
x |
x |
|
|
WELL PERFORMANCE
Type |
Parameter |
Volume |
Rate |
Time |
Money |
| |
Initial Rate |
|
x |
x |
|
| |
Economic Limit |
|
x |
x |
x |
| |
Well Reserves |
x |
x |
|
|
| |
Rate Restrictions |
|
x |
|
|
| Oil Producers |
Annual Decline |
|
x |
x |
|
| |
Nominal Decline |
|
x |
x |
|
| Gas Producers |
Flow Coefficient |
|
x |
|
|
| |
Flow Slope |
|
x |
|
|
| |
Well Head Pressure |
|
x |
|
|
| |
Bottom Hole Pressure |
|
x |
|
|
| |
Surface Temperature |
|
x |
|
|
| Water Injectors |
Maximum Rate |
|
x |
|
|
| |
Voidage Replacement |
x |
x |
|
|
FACILITIES
Type |
Parameter |
Volume |
Rate |
Time |
Money |
| |
CapEx |
|
|
|
x |
| |
Construction Time |
|
|
x |
|
| |
Fixed OpEx |
|
|
|
x |
| |
Cost Scaling Factor |
|
|
|
x |
| |
Capacity |
|
x |
|
|
| |
Fluid OpEx |
|
|
|
x |
| Pipelines |
Time per Length |
|
|
x |
|
| |
Cost per Length |
|
|
|
x |
EVENTS
Parameter |
Volume |
Rate |
Time |
Money |
| Start Date |
|
|
x |
|
| Duration |
|
|
x |
|
| Cost |
|
|
|
x |
| OpEx |
|
|
|
x |
ECONOMICS
PetroVR economics are implemented in Caesar's Financial Modeling
Language (FML). Being a language, the economic models possible in
PetroVR are limited only by imagination. Any input into FML can
be a risk variable.
In the negotiation phase of a contract, typical risked parameters
are taxes, profit & cost recovery splits, royalty, and working
interest.
Once the contract is set, typical risked parameters are oil and
gas price, escalation, tariffs, and force majure events.
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