Data Types
Type of data collected in an exploration well used to determine a reservoir’s economic potential - fluid type, flow rate, and connected volumes
What is a drill stem test (DST)?
The 4D signature is observed when an area is water swept and/or pressure decreases
What is hardening?
Change in Value minus Cost of Information
What is VOI?
When VOI is negative, the data should not be collected
Cased hole data collected to evaluate zonal flow into a disposal well or water injector
What is an injection log or spinner log?
True or False - Uncertainty never goes away, even in maturing assets with a lot of data
The type of VOI inquiry framing in which you ask "Is data collection achievable? Is it risky?"
What is Qualitative Framing?
There are two others...
A technique used to determine reservoir characteristics (such as permeability, skin factor, and boundaries) by analyzing how pressure changes over time in response to fluid flow
What is Pressure Transient Analysis (PTA)?
Useful in compartmentalized reservoirs, this is the smallest volume of reservoir connected to a well during a test - pressure drop vs. performance (rate)
What is Minimum Connected Volume (MCV)?
Principle 1: Is there a business decision with uncertain outcomes
What is a key logical principle required to be a candidate for VOI?
There are 3 more...
Type of data collected to evaluate fracture pressure in disposal wells in the Permian Basin
What is a step rate test?
Injection occurs at increasing rates (steps), typically over fixed time intervals
This simple analytical prediction of reservoir performance treats the reservoir like a perfect tank
What is MBAL?
Assumes perfect sweep efficiency
1) Base case & business decision, 2) Qualitative Framing, 3) Quantitative Framing, and 4) Calculate VOI
What are the steps to consider/review before completing a VOI exercise?
What we call the initial (pre production) and subsequent (post production) 3D and 4D surveys
What are baseline and monitor surveys?
This field manages 4x more water than oil/bitumen due to the cyclic steam stimulation used to reduce the viscosity of the bitumen
What is Cold Lake?
Original viscosities of ~ 100,000 cP (peanut butter) requires heat to mobilize, delivered as steam
The type of framing in which you outline the decision tree, describe outcomes & probabilities, and find values of outcomes
What is Quantitative Framing?