Rigorous Analytical Methods for Accurate Evaluation of Producing and Non-Producing Reserves
By Peter Shaw, Michael O'Connell, TIBCO Data Science; Brent Haas, Taryn MacIntyre, R. Lacy Services, Ltd.; Thad Toups, Brian Walker, Haas Petroleum Engineering Services, Inc.
In the current business environment, companies with oil & gas assets are faced with an increased need for rapid and accurate evaluation of the value of resource plays for capital allocation. To obtain the most accurate estimate of the value of a region, data from many wells should be analyzed. Well production is continuously updated with new data and new wells, so this is an ongoing estimation problem that is best performed through automation. This paper, including example visualizations, describes a four-phase approach based on use of TIBCO Spotfire® tools.