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CoViz 4D: A Guide to Oil and Gas Risk Management

The many economical, geological, and operational aspects make the oil and gas industry a volatile and risk-prone sector. From planning and decision-making to actual implementation, there are many variables that increase the level of uncertainty for the asset team to manage.

Visualizing drilling target uncertainty in the geologic context can assist in understanding drilling risk.

Oil and gas risk management attempts to minimize this uncertainty to ensure productive and cost-efficient operations. One of the ways this can be achieved is through the complete and accurate input and analysis of related information. This can be achieved with technology that can ideally handle, visualize, and analyze multi-disciplinary data. Software platforms such as CoViz 4D can accurately examine the wide range of data to make an informed and reliable decision through each phase of a hydrocarbon asset development project.

Enhancing the Reliability of Risk Assessment

In the oil and gas industry, risk is inherent during the exploration, planning, development, and recovery phases of a project. While some of the risks may be manageable, the ones related to subsurface conditions can be more complex due to their unpredictable nature. The dynamic nature of the reservoir and varying subsurface attributes make the decision-making process much more complex. The uncertainties can be related to:
  • Location of the producing reservoir
  • Estimation of the hydrocarbon volume in place
  • Complex subsurface geological attributes
  • Wellbore positioning and depth assessment
  • Inter-well spacing
  • Well trajectory design and optimization

The qualitative and quantitative analysis of these uncertainties is required to gain a better insight into the subsurface environment. For geologists, geophysicists, reservoir and drilling engineers, and project managers, CoViz 4D can prove to be an ideal oil and gas risk management tool.

Using Data to Visualize Uncertainty

As shown above, viewing subsurface data in two domains, time and depth, at the same time can greatly assist in understanding risk factors related to depth conversion. Data used by permission of owner.
The key to oil and gas risk management is access to as much related data as possible—which can be available from seismic surveys, geological studies, well logs, and production performance. These data from a wide range of disciplines allow engineers and geoscientists the ability to analyze the interrelationship between different spatial and temporal subsurface attributes in a wide range of scenarios. The ability to visualize these uncertainties in a 3D environment further supports the team in making a well-informed decision at every phase of asset development.
CoViz 4D provides an interactive platform where a wide range of data can be imported from various sources and analyzed collaboratively. These data can be used to develop a 3D reservoir simulation model which can truly reflect the actual behavior and characteristics of the reservoir. The visual analysis provides greater insight into the subsurface and its geological attributes. The data can be cross-correlated and maps overlapped to validate the result from the individual analysis, reducing the uncertainty and increasing the reliability.

For uncertainty and risk analysis, CoViz 4D enables:

  • Visual analysis of subsurface characteristics
  • Identification of faults and fractures that may hinder drilling and recovery
  • Locate existing wells, producing and depleted zones for ideal well path planning
  • Design of the trajectory of a well to avoid collision and improve target accuracy

CoViz 4D: Ensuring Reliable Decision-Making with Uncertainty and Risk Mitigation

Visualizing uncertainty in velocity modeling helps to understand possible errors in the velocity modeling workflow. Data used by permission of owner.

CoViz 4D provides oil and gas professionals an ideal geospatial platform to collaborate and analyze multi-dimensional data for the identification of potential uncertainties which can prove to be economically damaging to the project. The various features of CoViz 4D can help the asset team to assess the risk early in the project with existing data as well as throughout the project as new data are gathered. Some important features of CoViz 4D that geoscientists and engineers can leverage include:

  • Depth conversion
  • Velocity modeling
  • Seismic history matching
  • Cross-plot analysis
  • Fluid migration analysis
With advanced analytical ability, it is possible for asset teams to make informed decisions which are crucial in reducing the risk associated with hydrocarbon development projects.

FURTHER READING

Leverage Oil and Gas Production Software to Optimize Operations

The wealth of data generated throughout the life of a reservoir—initial seismic surveys, geologic and geophysical analysis, well plans, completions, daily and cumulative production data, and many other sources and types of data—have become as vital to profitable operations as the hydrocarbons themselves. Operators who can extract the maximum value from these data using market-leading oil and gas production software tools stand a better chance of optimizing nearly every facet of their operations.

Comprehensive Well Planning Software: CoViz 4D and WellArchitect

Accurate and cost-effective well planning is strongly correlated with a detailed and timely understanding of the interrelationship of the various types of data that characterize a particular geospatial volume. The most immediate challenge for petroleum engineers when planning a well is the integration, visualization, and interpretation of the relevant data that characterize subsurface conditions. Well planning software achieves the best results when it utilizes all the relevant data related to a specific hydrocarbon asset to determine the optimal wellpath.

CoViz 4D: Data Visualization and Analysis Software for Reservoir Simulations

Petroleum engineers have long recognized the value of reservoir simulation software products from companies such as Landmark (Halliburton), Schlumberger, and CMG to model reservoir performance. With volumes of subsurface data and these powerful modeling tools, reservoir engineers create simulations to more closely depict reservoir structural, petrophysical, fluid, and production characteristics. Improved models provide better estimates of reserves and guide economic and operational decisions to maximize recovery.

Drilling Data Analytics Software for Performance Efficiency

WellArchitect is an advanced software solution that facilitates integrated well planning and drilling of directional wellpaths, including sidetracking, multilaterals, and re-entry drilling. WellArchitect provides exceptional drilling data analytics software capabilities to give well planners and drilling engineers a detailed understanding of subsurface conditions to plan and drill wells that minimize risk and drilling costs while maximizing reservoir performance.

Diverse Data Integration in the Oil and Gas Industry with CoViz 4D

Every phase of the hydrocarbon asset lifecycle is now thoroughly documented by huge volumes of discipline-specific data. Data integration in the oil and gas industry has never been more important for efficient and economic exploration and extraction. However, obtaining the maximum value from volumes of diverse, discipline-specific datasets requires integration (data fusion) for proper cross-correlation of all information and visualization to accurately develop a complete technical and economic picture of the assets. There is no better solution than Dynamic Graphics, Inc.’s CoViz 4D to address this challenge.

How to Improve Reservoir Management with Up-to-Date Data Analysis

Many operators looking to improve reservoir management carefully analyze the ever-increasing volumes of seismic and borehole data that characterize subsurface conditions. Data generated throughout the life of the reservoir—initial seismic surveys, simulations, well plans, completions, and production data—can provide a digital representation of the evolving reservoir. Operators able to exploit the full potential of these data are well-positioned to improve reservoir management.

CoViz 4D from Dynamic Graphics Inc., is the most versatile and powerful tool that oil and gas producers can employ to visualize and analyze the volumes and variety of datasets associated with all phases of oilfield development. The ability to easily integrate, display, filter, and conduct extensive statistical analysis of subsurface data facilitates collaborative understanding among a hydrocarbon asset management team with the goals of improving productivity, reducing risk, and maximizing return on investment. To learn more about CoViz 4D contact our team.

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