Frequently Asked Questions
What is an Analog?
Analogs equal experience – the more experienced you are, the more meaningful and creative the ideas you can generate and the better decisions you can make. Analogs can be acquired directly or indirectly:
- directly through first hand experiences;
- indirectly from books and periodicals or by communicating with others in your field of interest.
Nearly all E&P decision-makers use field and reservoir analogs extensively. However, many E&P teams follow an informal and inefficient process that spans only the knowledge gained from the team’s own experience.
What is DAKS IQ?
DAKS IQ is a knowledge platform that provides best practices and lessons learned from more than 1,500 of the world’s most important fields and reservoirs, and covers more than 400 geological and engineering parameters. It combines robust search, benchmarking and analytical tools with the ability to capture knowledge on clients’ assets to enable them to improve decision-making and financial performance.
Why DAKS IQ?
DAKS IQ is a knowledge platform that empowers clients to increase exploration success, optimize field development plans, improve production performance and rationalize portfolio of their E&P assets. DAKS IQ provides unbiased analysis to calibrate the subsurface uncertainty and production performance throughout the E&P lifecycle. It also provides input for resource assessment and reserve booking. The key facts from the proven fields and reservoirs in DAKS IQ can be used to generate and test new ideas for exploration and production. DAKS IQ facilitates instant access to best practices and lessons-learned from nearly every basin, play, and reservoir type around the world.
Who uses DAKS IQ?
DAKS IQ is widely used by geoscientists, reservoir engineers and decision-makers working in new ventures, prospect generation, risk assessment, reserve booking, field development, production operations, and reservoir lifecycle management. Anyone looking to generate lower risk prospects and quickly identify optimal field development options can find an unparalleled amount of critical information and knowledge using DAKS IQ, all at the click of a mouse.
How can DAKS IQ help in new ventures exploration?
Using subsurface geological analogs is a simple yet powerful and cost-effective technique for generating new exploration ideas in both frontier and mature basins. For example, even though no two traps are ever identical, their key elements are comparable within and between basins, and may be assessed from knowledge obtained in successful or failed exploration ventures worldwide. DAKS IQ provides the most efficient platform and diverse field and reservoir analogs for users to develop new ideas and apply established ideas in new places.
DAKS IQ provides a large number of examples with extensive coverage of geologic and engineering parameters that can be used in risk assessment and reserve estimation. These parameters can be compared and contrasted with respect to particular types of basins, source rocks, fluids, traps, seals and reservoirs. The distribution of these parameters gives users an insight into the implied risk of specific aspects of a prospect and allows uncertainties in reserve estimation to be reduced. DAKS IQ provides a consistent classification system and real analog cases that users can access to standardize and optimize their prospect evaluation and exploration portfolio management.
- Generating new exploration ideas
- Prospect benchmarking & exploration portfolio management
- Calibrating volumetric uncertainty
How DAKS IQ can help in field development planning?
During the early stage of field development when few wells have been drilled, there are many uncertainties regarding the potential performance of a field. Various scenarios produced by reservoir simulation provide concepts from which these uncertainties can be reduced. An alternative and supporting approach is to use DAKS IQ to compare analog fields having similar reservoir and fluid types, drive mechanism and other technological challenges. Critical field/reservoir analogs provide not only ideas but quantitative analysis, such as well type, number of wells to drain the reservoir, well location, well rate, reserves per well, pace of production and recovery factor, to help in field development planning. This can help E&P companies reduce the risks of over- or under estimating production rates and recoverable reserves. Many potential production problems can also be recognized early in the development phase through the use of analogs, allowing appropriate data gathering and mitigation scenarios to be planned for and initiated.
- Calibrating geologic model input
- Validating model output from the simulation
- Reality-checking EUR/well, well location and spacing, recovery factor
How Can DAKS IQ help in production enhancement?
Improving hydrocarbon recovery is a global challenge for today’s E&P companies. It involves establishing reservoir technical limits, identifying opportunities for reserve growth, identifying parameters that have the highest impact on reservoir performance and determining how the best-in-class analogs are performing. A key element is the improvement of recovery factors through the correct choice of IOR/EOR techniques. DAKS IQ can help managers and engineers benchmark the performance of their fields against similar fields and reservoirs in order to refine their choice of secondary or tertiary recovery methods by quickly finding the most appropriate reservoir management or production enhancement strategy for their field of interest.
DAKS IQ can also be used for screening candidate investment opportunities in mature or even abandoned fields with a low recovery. Specific technologies, such as horizontal and multilateral drilling, under-balanced drilling or gravity-assisted thermal recovery, may be applied to reservoirs with matching geological and engineering parameters obtained from analog fields. Furthermore, DAKS IQ can help to develop field rejuvenation ideas from lessons-learned from field redevelopment worldwide.
- Benchmarking reservoir performance
- Screening IOR/EOR methods
- Testing new ideas for production enhancement
- Identifying best practices for performance improvement
How can DAKS IQ help in portfolio management?
Portfolio management describes how a company plans its annual investments, its investment mix, linkage to strategy, allocation of resources, and how risk is balanced against performance. In managing a portfolio the most senior leaders will rank investment opportunities from across the E&P lifecycle. This could be deciding which new venture opportunities to pursue, or which fields to invest in EOR techniques to optimize recovery. For the portfolio process to work there must be consistency in the evaluation technique used for all the opportunities that will be ranked in the portfolio. Without consistency, the portfolio approach will not work. DAKS IQ delivers a common classification system and all the proven reservoir knowledge is captured systematically and consistently. It is these attributes that make DAKS IQ such a valuable tool to calibrate and validate investment opportunities and combine each into a portfolio management process that overcomes the traditional failings of many portfolios.
- Ensuring the best prospects are drilled through a ranking process
- Identifying the assets for divesture or additional investment
- Evaluating common themes that can be tested against the companies’ strategic intent and research focus
Benchmarking is an integral part of decision support and it is a continuous process of checking against reality and identifying opportunities for improvement. Any apparent anomalies that are revealed must be explained and accounted for before any investment decision is made. Benchmarking provides the necessary assurance to avoid unpleasant surprises and helps to establish reservoir technical limits and identify opportunities for reserve growth. Benchmarking enables users to calibrate and scrutinize performance predictions on all potential field developments against what has been achieved from similar mature reservoirs.
Why capture knowledge?
In the E&P business, exploration and production companies strive to have their data and information organized systematically and consistently to extract maximum value from this information and to capture the cumulative experiences of their staff. Unfortunately, in the real world, this rarely happens due to company restructuring, personnel transfers and retirements, change in areas of focus and cost reductions. DAKS IQ provides a rigorous classification that helps standardize, document and analyze information on clients’ E&P assets and allows instant benchmarking of clients’ assets against global analogs to discover hidden problems, identify solutions and recognize their upside potential.
What is covered in the knowledge base?
A comprehensive data model, with more than 400 text and numerical attributes, has been established at both reservoir and field level. Standards, rules and rigorous classification have been developed to consistently capture reservoir and field knowledge and codify them into a digital database.
Where does the data in DAKS IQ come from and how often is it updated?
All field reports are compiled using public domain information from corporate websites, operator data, and reputable technical journals and magazines in multiple languages. All analysts who compile the field reports are seasoned PhD geoscientists and reservoir engineers with over 25 years of oil industry experience. We add new and updated field evaluation reports annually and update the table of parameters (TOP) whenever new data and information become available.
What is covered in a Field Evaluation Report?
Starting with the exploration history, each report details how and why the prospect was drilled and then moves to provide the basin genesis and source rock, followed by a detailed description of the structure and trap definition, reservoir characteristics and fluid properties, resources and recovery, including development strategy, reservoir management and improved recovery techniques applied and their outcome. Each report contains a full reference list, a comprehensive table of more than 400 geologic and reservoir engineering parameters and classified figures of map, cross-section, log, plot, photograph and production history curve.
What is Frequency Search?
Frequency Search is an advanced search, analysis and benchmarking option that complements the existing search tools and helps you find a broader spectrum of analogs. You start by inputting target parameter values, followed by defining search ranges for the selected parameters. The Frequency Search algorithm uses these ranges to automatically identify all applicable global reservoir analogs that fall within one or more of the parameter ranges.