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.
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
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
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