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PetroVR 11.2 software features enhanced wellmodeling in unconventional assets

Thursday, July 3, 2014

Caesar Systems announced PetroVR Version 11.2, a mid-year software release featuring enhanced flexibility and accuracy in unconventional asset planning simulations, with seven (7) new capabilities and 47 enhancements.

'Modeling unconventional well performance using modified Arps equations is enhanced by the addition of a highly flexible switch that enables multi-segment modeling with time flexibility and variability around the curve segments'
'Modeling unconventional well performance using modified Arps equations is enhanced by the addition of a highly flexible switch that enables multi-segment modeling with time flexibility and variability around the curve segments,' said Ken Blott, chief strategist for Caesar Systems.

Unconventional well decline curves typically have at least two phases, each one described with a modified Arps curve having a different value. The primary uncertainty is the time at which the value changes, which can vary in unconventional assets by days or months, with significant economic impact. To model this decline shift, well models in unconventional assets can now be defined in PetroVR 11.2 with well-specific decline switches for more reliable economic modeling.

Flexibility and accuracy for well modeling in unconventional assets:

Automatic decline switch in Well Decline Manipulation involving Arps equations
New probability function for calculating InverseTriangular Distributions
Flexibility to compute drilling and completion costs as either CapEx or OpEx, to prevent exploration and appraisal wells or dry holes from being included among capital assets
Enhanced algorithm for calculating facilities along with wells now reflects the impact of rig units being added and withdrawn
Shut-in excess policy has been extended to all wells upstream from the facility, apart from those directly connected
Plan results for Total Oil Developed and Total Gas Developed are now shown for the whole project including facilities and rigs, which were previously shown at the reservoir level only
Display tables now can be defined by arrays as parameters, which allows tables whose values change over time



Associated Companies
» Ceasar Systems
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