The monetary valuation of an asset is a very traditional process that has always involved the integration of data. And, while advancements in technology have streamlined the oil and gas reserves valuation process, professionals still desire a method that will allow them to answer the following question succinctly: Is the reservoir in question going to make money?
The evaluation process can be simple if the field’s geology isn’t complex but it gets proportionally more difficult as the geologic complexity increases. Yet, even simple geologies can pose various challenges at the most precarious moments. Regardless of the situation, oil and gas reserves valuation calls for a sound data integration data method that provides a comprehensive understanding of a reservoir.
This is where data integration software comes into play, as it merges divergent engineering and geologic data into a single viewing hub, allowing professionals from different disciplines to collaborate in the process. With an enhanced visualization, users can better understand the petrophysical and geological attributes of the reservoir and assess the true valuation of the reserves sooner rather than later.
The Benefit of Data Integration
The incorporation of multidisciplinary data into a sole geospatial volume is one of the best ways to assess a reservoir. Data integration is especially useful when the evaluation is based on such factors as geology, petrophysics, core data, and geophysics, or when volumetrics is being used to understand the reservoir. When looking at the reservoir, its contents, variations in porosity and permeability, and saturation, there is a need to combine these datasets in one viewing environment for comprehensive analysis.
CoViz 4D is an ideal platform to incorporate all information into a single geospatial volume where data can be cross-correlated, in correct geospatial location to all other data, allowing interpretations and models to be made by all members of the asset team. In addition, the 4D capability within CoViz 4D allows professionals to reference earlier interpretations and models when current interpretations or models don’t support observed production data. Both the data integration and historical reference capabilities of CoViz 4D have the potential to save considerable time and money during the development and mature producing phases of an asset’s life.
Easily Interpreted Visualization
CoViz 4D is highly applicable in large conventional fields—usually offshore and/or international assets—which are usually owned by several operators (majors and/or IOCs) who are participating in a field development consortium. These partnerships involve numerous negotiations over appropriate development strategies and equity determinations. The advantages that CoViz 4D can offer an operator, in this situation, are considerable; the operator can have all their data, interpretations, and models easily available in a format that will allow its representatives to visually present their technical position effectively.
This same capability is also beneficial for internal meetings where a technical team may be presenting a development plan to their management. An interpretation and resulting development plan can be more effectively presented through the visualization capability of CoViz 4D—where all types of data can be displayed in their proper geospatial orientation, making it easier for a non-technical manager to understand the recommendations of his engineering and geoscience staff.
The use of CoViz 4D saves considerable time and contention in both external and internal meetings as a proper presentation via visualization will help to strongly support a well thought out technical interpretation or position.
Enhancing Oil and Gas Reserves Valuation with CoViz 4D
The 4D capabilities offered by CoViz 4D provides one of the most beneficial ways to visualize a reservoir in its entirety. In addition to enhancing the analysis of data through integration, CoViz 4D also fosters collaboration between departments within an asset team and simplifies interpretations for external presentation.
The speed and accuracy of the traditional process of oil and gas reserves valuation can be enhanced through visualization in CoViz 4D.
The speed and accuracy of the traditional process of oil and gas reserves valuation can be enhanced through visualization in CoViz 4D. The true advantage when using CoViz 4D is the ability to see all data in their proper geospatial positions and the changes in this data as the field is produced. CoViz 4D’s abilities to provide comprehensive visualization and cross-correlation of different data make potential problems easier to recognize and can lead to quicker remediation of problems or exploitation of unrecognized additional reserves.
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