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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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