Decoding the Subsurface: Advancing Oil and Gas Asset Inventory

Introduction

Operators and investors have been experiencing a mindset shift in the past few years, facing a unique challenge of balancing future inventory development and the need to maximize returns today. As Tier One plays are continuing to be developed, production degradation becomes an ever-looming beast; evaluating remaining inventory across assets rapidly and precisely has never been more critical. 

Asset teams are especially impacted by these monumental tasks, given that they must execute on the development plan while also taking in new information that could cause them to pivot. Most asset teams leverage multiple data sources and manage projects across disparate platforms. Amid fluctuating market demands and the perpetual quest for operational efficiency, oil and gas producers face a pivotal moment to move toward a more streamlined, single-ecosystem approach. 

This blog series aims to unravel how operators, shareholders and midstream partners can harness the power of Enverus to optimize their production plans, validate investments and anticipate infrastructure needs for future production. Our journey begins with Part 1, focusing on the crucial subsurface evaluation step—a foundational pillar for understanding what lies beneath and its contribution to forecasted oil production.

Want to see the whole story? Watch the webinar replay to discover how our experts decode the subsurface and evaluate future inventory for operational efficiency. 

Subsurface Evaluation – Unlocking the Ground Truth

Step 1. Understanding the Terrain

The initial phase in our subsurface evaluation involves identifying the key geological intervals crucial for production. To support this, seismic surveys are used to visualize subsurface structures and help drive exploration decisions. This step, often outsourced to consulting services by smaller operators due to a lack of in-house expertise, forms the foundation of our understanding. Larger operators might miss out on nuanced details on non-proprietary acreages, often relying on peer data trades for insights. Enverus has a team of geologists leveraging a robust digital log library to build out basin-wide geological models to provide comprehensive insights regardless of operational scale.

Step 2. Extracting Properties From Logs

The second step in our subsurface workflow is to extract these geological properties to producing wellbores. Traditionally, extracting log properties to horizontal wells necessitated elaborate basin modeling software and the expertise to navigate complex scripts. Enverus Subsurface Studio (ESS) simplifies this process, allowing users to effortlessly extract log properties, removing the need for heavy-duty software and intricate scripting. Having log properties at the well level allows one to move into the next step, where ESS is utilized to reveal what properties may be contributing positively to productivity – turning complex data into actionable insights.

Step 3. Deciphering Optimal Trends

Identifying productive trends within the identified intervals is crucial. Using the MV Stats model in Subsurface Studio, operators can pinpoint properties most correlated with productivity, without the need for advanced data science knowledge or exporting data for external analysis. This accessibility to powerful analytics within Enverus ensures that even non-data scientists can derive meaningful patterns and insights. In Figure 1, using the Lower Spraberry and Upper Wolfcamp B in the Midland Basin as an example, we see differences in the key geological drivers identified in this study when comparing across multiple intervals. In the Upper Wolfcamp B, for example, the model’s response suggests on a regional scale identifying areas with an isopach greater than ~200’ does not improve production at the single well level. 

Step 4. Integrating Factors for a Holistic View

Incorporating all this detailed geological data alongside completion, spacing, and timing parameters into a multivariate statistical model provides a comprehensive view of the subsurface. Enverus PRISM^®, facilitates this integration, tying together well data that is already clean and QC’d. As seen in Figure 1, the driving factors of production vary across reservoirs, meaning for optimal DSU Development, all factors need to be considered in tandem.  This holistic approach ensures that all relevant factors are considered when evaluating the asset’s subsurface attributes.

Key Takeaways: The Enverus Advantage

This Inventory workflow not only streamlines the technical due diligence process but also supplies operators with a detailed, accurate picture of what drives subsurface productivity. By reducing the reliance on consulting services, simplifying complex data extraction and democratizing access to sophisticated analytics, Enverus enables operators to:

1. Understand subsurface dynamics: Gain in-depth insights into key geological intervals, optimizing drilling and completion strategies.
2. Make data-driven decisions: Leverage detailed analytics to forecast production more accurately, ensuring operational efficiencies.
3. Optimize resource allocation: Save time and resources by consolidating data analysis and project management into a single ecosystem.

As we delve deeper into this series, the subsequent parts will explore how Enverus seamlessly integrates various operational aspects, further enhancing the asset evaluation process. Stay tuned as we navigate the transformative potential of Enverus in shaping a more informed, efficient and productive future for oil and gas production in the eastern Midland Basin.

Watch the webinar replay to explore more ground truths with Enverus experts Jeb Burleson and Brandon Guttery

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