A Division of New Paradigm Engineering Ltd.
ASSET EVALUATION
Reserve Estimation
NEXOV's approach to oil and gas in place estimations is threefold.
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Deterministic
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Probabilistic
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Material balance
By using these three methods, a detailed view of the quantity of oil or gas within the reservoir can be determined.
Decline analysis
An analysis is carried out based on the pressure and production profiles of the reservoir to determine the drive mechanisms. By applying Arp's equations to production data, a forecast is produced to evaluate the economic life of the wells.
Through this analysis, wells displaying off trend behaviors can be categorized. Production data profiles of wells also allow creation of type curves to provide quick estimates of production of future wells within the pool.
Reservoir Modelling
Depending on availability of software, reservoir modeling can be utilized to optimize as well as understand recovery options.
For a more relaxed approach, analytical and semi-empirical correlations can be used to determine recovery options.
Economic and Sensitivity Analysis
Based on the operating and capital costs of the modeled methods, a run is conducted to determine the most economic way to improve recovery.
However, economics alone is not enough to ensure good results. Risk has to be taken into account when considering a potential project. Sensitivity analysis provides a great outlet to assess this risk and determine the effect of geological, economical and reservoir related variables.
The above methodology allows for scenarios to be ranked according to their economic and risk value.
