Challenge

Due to the challenging economics of the petroleum industry, careful and meticulous evaluation of the assets on offer is more important than ever. With continuously increasing maturity and geological complexity of oil and gas reservoirs, having a robust field development plan in place, even before submitting the bid, has become the key to meeting the investment criteria, optimizing the cash flow and avoiding bad investment decisions. The traditional “beer dart” approach that bases such important investment decisions solely on the information in the Competent Person Report (CPR) can lead to expensive mistakes in the low oil price environment.

To ensure a fully-informed acquisition & divestment (A&D) decision-making, accurate reservoir modelling and simulation is of paramount importance. Compared to the traditional analytical approach, the reservoir-model-based approach can improve all aspects of field evaluation, from data inspection, reserves estimation, economic analysis to creating a robust field development plan.

Solutions

By leveraging our outstanding team of highly skilled multilingual geoscientists, reservoir engineers and petroleum engineers augmented by a global network of associated experts, iRes-Geo has the ability to deliver complex reservoir modelling and simulation studies within a short span of time so that our clients can meet the tight bidding deadline. Meanwhile, the cost of such projects will be kept low with the use of our own software. For more information about the pricing and turnaround times, please go to the PRICING & TIMING page.

In 2020 alone, iRes-Geo has delivered 3 projects in this category and we also see an ever-increasing demand.

The scope of work includes, but is not limited to:

• Data room support
• Inspection of the existing data and interpretation
• Verifying the estimated reserves in CPR using reservoir models
• Well planning and fast optimization of the placement of the wells
• Propose optimal production strategy
• Economic analysis
• Facilities

Application:

• License bidding support
• Screening and optimizing of the asset portfolio
• Post-acquisition field evaluation and well planning under a tight drilling schedule
• Work programs and investment plans

Benefits:

• Validate the conclusions in the CPR reports against the simulation model
• Reduce uncertainty for estimated reserves and economics
• Enhance insight into the actual reservoir performance
• Have a robust field development plan in place prior to the bid submission
• More informed decision-making
• Highly competitive technical bid
• Quickly reach the baseline model and well plan after the transaction
• More informed divestment decision-making