Case Studies

Deepwater Development

BP and BHP collaborating in the Deepwater Gulf of Mexico recently stated that they saved 30% of the time it took for them to do similar evaluations in the past using other tools. They are using PetroVR to better model and understand their options with regard to development of one of their recent discoveries. Each consortium member has the same PlanVR model, but uses different EconVR models to include company specific guidelines. The teams also provide PetroVR outputs for their long range plans.

Business Unit Model

BP Trinidad has created a business unit model using PetroVR. This business unit is market driven with gas as the primary product and requires just-in-time exploration and development in order to meet market demands. PetroVR is used to model both the demand and supply side of the equation. This enabled the company to decrease costs, mitigate risks, decrease uncertainty and increase total production due to optimization.

Brazil Bidding

Wintershall AG recently used PetroVR in the acquisition of significant exploration acreage offshore Brazil. The evaluation entailed creating over 20 models for various blocks and prospects in different basins. A team of multi-disciplinary professionals interacted on the model development in order to fully understand the acquisition. The team was able to create numerous scenarios quickly in order to understand the sensitivity on economics and make a recommendation to management. Upon successful completion of the bidding round, the team was in a position to submit their outputs from PetroVR for the budget and long range plan. An OLAP database is used for budgeting and long range planning and PetroVR outputs were transferred to the database.

Success stories: