Active stewardship of the national hydrocarbon assets is the focus for many oil and gas agencies. Many are taking a more active role in managing license rounds, approving exploration campaigns and development plans, and ensuring the national endowment is being actively and adequately managed. Knowledge on the production performance of analog reservoirs is key to benchmarking production and managing operators’ performance. Knowledge of global plays and providing sufficient information ahead of license rounds to excite potential bidders is a proven way to improve the attractiveness of any bid round.
Government agencies are responsible for the stewardship of their country’s natural resources. Efficient exploration and development of their national fields, while optimizing recovery, is the mission.
DAKS IQ is uniquely positioned to help you:
- Market and manage your bid rounds through association of proven discoveries with the play elements contained in your basins
- Rank brownfield developments to benchmark production histories and ultimate recovery factors against applicable analogs
- Maintain and manage a national reservoir database using our knowledge management tools and classification system
- Validate operator development plans against global analog performance
- Identify best practices from over $3 trillion in industry investment.
Example Application: Recovery Factor Forecasting
To steward an asset is to ensure that the national interests are being served and that the competing dynamics between maximizing short-term production and ultimate recovery are skillfully managed. Central to accomplishing this is being able to identify fields and reservoirs whose forecast recovery is below that of global analogs. Using the learnings and experience from more than 1500 global reservoirs, each holding more than 400 parameters, and combining this with a national reservoir database, we have been able to produce a recovery factor forecasting algorithm that is specific to each play type. The significance of each parameter in contributing to forecast precision is also ranked. A pragmatic, repeatable and reliable recovery factor forecasting technique can help an agency identify which fields need more attention and potential field development plans.