EconVR is a customizable petroleum economic model-builder used to model any fiscal regime and deal structure. Compared to spreadsheets, the Financial Modeling Language {FML} embedded in EconVR is a powerful tool that organizes and simplifies economic scenarios, increasing accuracy while reducing work time. The FML is a simple, visual, algebraic style language, containing all mathematical constructs required for any financial calculation. Language statements are built via an intuitive, "click & drag" interface. Financial models are organized via a collection of modules, such as: escalation, gross revenue, CapEx, tax, etc. Input into FML is from either PlanVR's cash flows or Excel spreadsheets.

EconVR ships with a large library of models covering Production Sharing Agreements, Risk/Service Agreements and Royalty/Tax models. And if we don't have it and you don't want to build it, we guarantee 24-hour turnaround for new models.

In comparison to spreadsheets the Financial Modeling Language {FML} is a powerful model-building tool, making them easy to build and maintain. And by clicking a button you can create an executable spreadsheet containing your economic model. Thus, the economic model can be executed in either Excel or EconVR. This allows these models to be quality-controlled, manipulated, and distributed in an Excel workbook!

Spider plots can be used to easily identify how uncertainty on an input parameter will affect project results. This is useful in a variety of situations and generating the plots is simple. Select the input value you want to vary, define the input range and press a button to calculate the results. It is a great way to communicate the sensitivity of any input to any metric in EconVR.

Influence diagrams are used to view the parts of a system in which one parameter has an impact (influence) on another. EconVR allows influence diagrams on any variable in the economic or portfolio system. For instance, a diagram can be made on Net Present Value to show all parameters that have an influence on its calculation. An influence diagram is a powerful tool to de-bug your models and communicate their structure to others.

As a stand-alone tool, EconVR will increase your productivity and help standardize your model library. Integrated with PlanVR, you have a powerful tool for modeling and evaluating any oil and gas project.