Part 3 of the Advanced Workflow Series: Streamlining Data to Decisions
In the dynamic landscape of oil and gas operations, producers are constantly grappling with the critical challenge of optimizing asset development amidst the inevitable decline in production. This blog offers an in-depth recap of a recent, highly informative webinar hosted by industry experts Jeb Burleson and Brandon Guttery. They shared their insights on navigating this complex landscape, providing valuable strategies and solutions.
The webinar walks through and end-to-end workflow in the Midland Basin as a case study to exemplify a complete workflow from subsurface evaluation to future inventory. Along the way, we learn about several key areas:
- Understanding productivity drivers: Geological parameters and multivariate statistical analysis important to understanding true production drivers.
- Development optimization: Enhancing the efficiency and effectiveness of asset development processes.
- Capital efficiency and inventory: Maximizing the return on investment while minimizing costs and predicting future inventory needs.
- Exploration and future development: How to push the boundaries of existing plays and target previously overlooked reservoir targets effectively.
- Technological innovations and future outlook: Innovations enable deeper insights and more connected models, enhancing strategic planning and decision-making.
Dive into the final blog in the series, a detailed recap blog to uncover the expert advice and actionable strategies shared during the webinar and learn how industry leaders are tackling the pressing challenges of today to secure a more resilient and efficient future for oil and gas operations.
Interested in the other blogs in the series? Part 1 takes a detailed look at the subsurface evaluation, and Part 2 is focused on development optimization at the DSU level.
Understanding Productivity Drivers
Geological parameters and multivariate statistical analysis are crucial for understanding true production drivers. By building structural models and interpolating geological properties, operators can enhance data accuracy and predict production outcomes more effectively.
Development Optimization
Enhancing the efficiency and effectiveness of asset development processes is paramount. This involves leveraging subsurface key performance indicators to optimize development strategies and ensure maximum productivity.
“Geology is key. It dictates how development needs to be planned. Knowing your geology is really how we drive the conclusions around what we deem viable.”
Brandon Guttery, Senior Manager, Pre-Sales
Capital Efficiency and Inventory Valuation
Maximizing return on investment while minimizing costs is essential. Accurate inventory forecasting impacts undeveloped reserves and inventory valuation, with a focus on high-quality inventory and well-consolidated acreage positions.
“If you cannot improve production, that means you need to bring your costs down. This ultimately has a tremendous effect on the way that we forecast out undeveloped reserves or inventory.”
Jeb Burleson, Segment Senior Product Advisor
Exploration and Future Development
Pushing the boundaries of existing plays and targeting previously overlooked reservoir targets are critical for future development. Differentiating between Tier 1 and Tier 2 inventory and diversifying the energy mix beyond traditional hydrocarbons are key strategies.
Technological Innovations and Future Outlook
Technological advancements, particularly in generative AI and natural language programming, are crucial for future development. These innovations enable deeper insights and more connected models, enhancing strategic planning and decision-making.
“Some of the things that I’m really excited about in the future that we’re heavily investing in today is how we can take these models, make them more connected and ultimately put generative AI power behind them.”
Jeb Burleson, Segment Senior Product Advisor
Conclusion
Balancing productivity, inventory and capital efficiency is essential for optimizing asset development. Industry leaders are tackling the challenges of today to secure a more resilient and efficient future for oil and gas operations. For those interested in diving deeper into these topics and additional resources, reach out to our team below or watch the full webinar recording.
