Rapid Field Evaluations

Detecting hydrocarbon reserves and opportunities for production improvement requires a thorough analysis of the subsurface and historical asset performance. It is important that oil and gas field owners and operators frequently polish and perfect their understanding of a field’s remaining reserves to develop new strategies related to development, production, and divestiture. Collecting the data needed for a field study, however, can take months or years due to the ever-changing economic conditions.


iStore’s Quick Value Assessment (QVA®) combines data management and reservoir expertise with patent-pending technology and processes to quickly assess the production potential of oil and gas fields. QVA field studies yield action plans that identify reserves and production improvement opportunities.

The field evaluation process consists of four simple steps:

1. Data Prep

Leveraging iStore’s data aggregation technology and data management expertise, field study information is quickly assembled, loaded, and evaluated.  

2. Analysis

QVA field evaluations feature a patent-pending and uniform methodology, giving companies a reusable process for consistent field assessments. Each study begins with an analysis of field history and technical information to identify the main characteristics and potential issues of the field. The QVA process is then applied to review and analyze each reservoir in the field.

3. Report

Once the study has been completed, a printed QVA report is presented. The report documents reservoir characteristics and subsurface analyses. The report also provides recommendations for increasing reserves and improving production.

4. Action Plan

Once the QVA Report has been presented, a more detailed QVA Action Plan can be prepared to outline the activities required to increase production in both the short term and long term.


With iStore’s QVA Field Studies, field owners and operators gain valuable insight into the subsurface of their fields. This knowledge will assist them in the booking of new reserves and improving oil production on their mature fields. During times of uncertainty, there is nothing more important than taking advantage of your company’s current assets before investing in new properties.

Evaluating an Offshore Oilfield

Imagine an offshore oilfield that spans across 15,000 acres that was discovered more than 60 years ago. The field has 3 productive formations between depths of 3,000 meters to 3,500 meters. A total of 50 wells have been drilled in the field; 20 are currently active, 20 are shut in, and 10 have been plugged and abandoned.


With more than 50% of the wells currently inactive, what should one do?


A National Oil Company (NOC) allowed iStore to intervene with their Quick Value Assessment (QVA®) software and consulting services to evaluate the field and give recommendations to help the company achieve the greatest return on their investment. After just 3 months, the study yielded deep insight into the subsurface.

The findings of the study found that the field was larger than currently mapped, therefore the original oil and gas in place values and remaining reserves were larger than originally projected. The study also found that many wells were not drilled through the entire formation, leaving vast amounts of reserves in the lower areas of the reservoirs. A shallower formation with significant reserves potential was also identified, which could give way to even more production opportunities. A few recommendations were made to recover the oil in the tighter portions of the producing formation by implementing hydraulic fracturing with proppant and horizontal wells and a few recompletion opportunities were identified in the majority of the shut in wells.

In addition, the study found that the primary producing formation was faulted. A few blocks experienced pressure support due to natural water drive from an active aquifer and a few more blocks were experiencing pressure drawdown. Maintenance programs were needed due to reservoir pressure nearing bubble point pressure.

The assessment also resulted in a few findings related to data management quality control. After a thorough evaluation of the NOC’s data, recommendations were made to integrate seismic data with subsurface data. Additional recommendations were also made to achieve better data quality and completeness for analysis and ongoing operations in the field.

After viewing the results and taking the recommendations into consideration, the NOC decided to offer the entire field to a service contract to qualified operators. The field study findings also greatly assisted the NOC during the contract negotiation process.

The 4 Ds of QDME

Data management programs are now critical to the mission and success of E&P companies due to the mere fact that there is so much data to deal with on a daily basis. Unfortunately, the majority of these companies have a difficult time convincing the higher-ups of the importance and necessity of these programs.

Creating a data management strategy that is compatible with your company’s business goals is the first step of creating a new data management program. But where should you start?

iStore’s Quick Data Management Evaluation (QDME) service takes data management back to the basics and reveals a practical, repeatable process for getting your data back into safe hands. Our data management team eats, breathes, and lives E&P data, so we know how to strongly implement a data management strategy that will work for your company. From production allocation, to directional surveys, to well schematics, we have done it all.


In order to create a consistent data management strategy, iStore’s QDME follows the 4Ds:

1. DECIDE where your company should be in terms of data management capability.

First, your company must decide and agree on common data management goals. Where should you start? What should you do with all your current data? What do you want to get out of your current data? What are your overall data management goals? How will you prove that proper data management practices are vital to the existence of your company?

2. DETERMINE your company’s current data management maturity level.

In order to evaluate your company’s current state, evaluation criteria is applied to each data type to create a Data Management Efficiency Index (DMEI). This scores each data type, revealing the overall health of your team’s data. The scores and indexes can then be calculated and graphed to illustrate how data management efficiency is constantly changing.

3. DEFINE an optimum rate of change for your company.

You cannot just snap your fingers and think that your data management strategy is going to write itself. It takes time, effort, and continuous research to determine how quickly a company can make changes. Once your company has determined its data management maturity level, it can create a roadmap to implement the needed changes.

4. DEMAND focus on the critical business issues at hand.

Data is useless unless it proves to hold value for those who call the shots. The data needs to show the key stakeholders the conclusions that can be pulled from utilization of the data on a daily basis.


iStore’s QDME service takes all your data and simplifies the evaluation and prioritization steps of the data management process, giving your company the insight needed to begin managing the data in a useful way. If you want to know more about a great data management system, check out iStore’s Quick Quality Data Management (QQDM) software!

For the Visual Learner

If there is one thing that we can say about engineers, it would be that they are extremely visual. 

We kept this is mind when we began developing our upstream data management and reserves analysis products. Too many E&P products focus on numbers and spreadsheets, but staring at numbers and formulas all day really makes an engineer’s day drag on and on and on… Why not make his or her job more exciting and colorful by using beautiful 3D images, vibrant charts, and visually-rich maps?

iStore’s products and solutions feature visually-appealing, industry-specific tools to view surface and subsurface data, including wellbore visualization and detailed mapping, to unlock the hidden potential of your managed data. Take a look at some of our software screenshots!


3D Viewers

iStore’s 3D viewers contain displays of wellbore tracks, deviation survey points, and seismic surfaces. It is also possible to exercise quality control of well data and gain an understanding the spatial relationship between the wells. The viewers also allow for the viewing of multiple structural surfaces.

 

Stick Charts

iStore’s patent-pending Stick Charts include displays of formation tops and a spyglass feature to quickly display stick chart cross-sections. The chart highlights producing and non-producing perforated intervals and net pay intervals in TVD subsea. Other features include quick analysis of data quality control issues, production potential opportunities, and detailed information for every well.

 

Maps

iStore’s maps contain holistic views of wells, fields, and prospects. The maps display satellite imagery and weather, as well as roads, boundaries, pipelines, and facilities, and feature contouring and volumetric calculations.

 

Well Log Viewers

iStore’s well log viewers can display any curve, perforated interval, or well top. Additional features include a high resolution export of the entire log, saving of default well log templates, and saving and retrieving of log cross-section snapshots.

 

Cross-Plot Viewers

iStore’s cross-plot viewers allow you to choose any curve or interval. Selected points in the log are then highlighted in the cross-plot and vice versa. The viewers also allow you to choose color-based values for any curve.

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Operations and Drilling and Partners…Oh My!

Tracking production and drilling operations for over hundreds of thousands of wells sounds easy and simple enough, right? Wrong! It is one of the most time consuming and difficult practices in the upstream sector. In addition to tracking all ongoing operations out in the field, imagine sending out daily reports and updates to hundreds of partners on a daily basis. There is simply no easy way to track production, drilling, and operations data, as well as keep partners updated with the most accurate and up-to-date information. There is truly a need for a Digital Oilfield when dealing with so many wells, activities, and partners.


Improving data transparency and availability throughout all departments not only saves time, but also reduces the risk of error and miscommunication.


iStore was lucky enough to help a supermajor with its Digital Oilfield effort. Once implemented on the company’s intranet, they wondered how they ever did business before! The new system combined all information and documents related to an asset, field, well, or completion into dynamically generated web pages. It included production rollups, decline curve charts, log viewers, and other visualization tools. An Internet-facing extranet site was also deployed for sharing information with joint venture partners, which enabled certain users to securely access important information and run reports on their own time. Confidential data was kept private, as the system only gave authorized users access to the information.


The solution helped the company gain immediate value from advancements in data transparency.


Allowing the system to integrate into the company’s existing workflows made for a quick and seamless learning curve, which gave operators, business professionals, and partners the ability to capitalize on their existing data in a short amount of time.

Happy 22nd Birthday iStore!

Last week held a very important day for iStore, as we celebrated our 22nd birthday! It has been such an exciting 22 years in the industry, so we have decided to share a few of our major accomplishments and milestones throughout the years.


Late 1980s

Early technology adopters in the petroleum industry consider outsourcing data management.

 

1990

The O&G industry forms the Petrotechnical Open Software Corporation (POSC) to create a standard data model for the upstream sector.

 

1994

The Information Store (iStore) opens its doors, providing consulting services to the petroleum industry.

 

1997

iStore develops the architecture and foundational components of PetroTrek®.

 

1998

iStore gains PEMEX and Shell as clients.

 

2000

UpstreamInfo is formed as a joint venture between iStore, EDS, Raytheon, and ChevronTexaco.

iStore provides PetroTrek® as the core technology to the venture.

 

2001

iStore releases its AMS-P solution, enabling the management of E&P assets.

ChevronTexaco joins the growing roster of iStore clients.

 

2002

iStore acquires assets of UpstreamInfo and retains customers.

 

2004

iStore celebrates its 10th birthday.

 

2005

iStore signs global contracts with PEMEX, BP, and PGS.

 

2007

iStore joins the Microsoft Partner Program and launches PetroTrek® on the Microsoft Office SharePoint Server platform.

 

2009

iStore partners with CSC to deliver Petroleum Enterprise Intelligence and expand global distribution.

 

2014

iStore releases its patented QVA software, giving companies quick insight into the reserves and production potential in O&G fields.

 

2016

iStore celebrates its 22nd birthday!


We cannot wait to see what the next year holds for us!

Going Digital

A few years ago, a worldwide oil company came to us to voice their concerns regarding the information overload they dealt with on a daily basis. With over three million wells and hundreds of joint venture partners, it was becoming overwhelming and time-consuming to keep track of production, drilling, and operations information. Not only was there so much information to keep up with, the data was also stored in separate databases, making it difficult for different departments and partners to communicate.


This is where we stepped in and aided the oil company in launching its first Digital Oilfield initiative.


iStore deployed PetroTrek®, its proprietary software, on the company’s intranet, which provided a single access point to almost 30 different production and drilling sources. These sources included dozens of proprietary and commercial Oracle and SQL Server databases, including WellView, PI Historian, OpenWorks, and Documentum. The solution was role-based and was integrated into the company’s workflow to enable quick and easy access.


And the results were outstanding.


All oilfield information was put onto web pages, giving users quick and easy access from any location. Data visualization allowed decision-makers to easily read the data at hand without bringing in subject matter experts to interpret the data. A website for partners was created in order to give accurate updates on all business-related matters. Partners would only see the information that the oil company wanted them to see, as role-based access and strong security measures were added to improve partner collaboration. The solution also provided the ability to share large files without having to mail physical media.

iStore was able to connect all the data sources without having to move any of the information from its original location, which helped the oil company save on IT costs. By keeping the IT infrastructure the same, the Digital Oilfield initiative proved to be very non-disruptive during the deployment process.

The company was able to gain immediate value from the improvement in data transparency and availability across all departments. Partners also greatly benefitted, as they were able to see real-time reports on demand. The time spent locating important documents fell from hours to minutes, giving employees and partners more time to focus on their other daily activities.

The Digital Oilfield in Today’s World

With the constant pressure of dropping oil prices, companies must do everything in their power to cut costs where needed, yet make the best use of their existing resources.

E&P companies deal with such vast amounts of data on a daily basis that it becomes overwhelming and difficult to manage. Data comes to the decision makers at different speeds, different times, and in different formats, creating more confusion than clarity. In the time spent figuring and analyzing the given data, critical business processes and decisions can be overlooked or skipped.

Fortunately, there is a way to capitalize on your company’s existing data while minimizing the time and effort needed to locate and analyze important oilfield information.

Thanks in large part to new technological advances, iStore’s Digital Oilfield initiative has given E&P companies access to valuable, organized information needed to make profitable decisions in just a short amount of time.

iStore powers the Digital Oilfield by keeping all of a company’s critical data in its existing data stores, making it easier for subject matter experts to edit and organize the information. The data is then federated into a master database, giving decision makers a full view of all the data needed to make better business decisions. The data is presented in a standard and simple format, making it easier to determine which actions will enhance the interests of the company. The information can be viewed through a single access point, often via website or company intranet, which eliminates the confusion and chaos of gathering data from multiple entities.

In addition to making data access easier and more efficient, iStore’s software generates operational reports, key performance indicators, production rollups, electronic well files, and joint venture workspaces. The technology enables and automates workflows, thus eliminating even more steps of the data-driven processes.

By connecting to the data where it is already stored, companies can use their existing IT infrastructures instead of moving their data to a new location and starting from scratch. This drastically reduces costs and gives companies use of the data they already have at hand. By having so much data at their fingertips, team members can easily reduce cycle time and increase overall productivity, as iStore’s software can be deployed within a matter of weeks and requires very little training.

Time is of the essence in today’s E&P world. Now, more than ever, companies need to utilize their existing resources as quickly as possible to keep up with new business challenges. Joining the Digital Oilfield is the first step to gaining a competitive advantage.

Why Web? iStore Software Philosophy Focus

Today’s world is mobile. From cell phones and laptops, to GPS systems and online shopping, almost everything can be done with the touch of a button, at any location. Why should an E&P company’s data management system be any different?

iStore was founded on the philosophy that data access should be quick and easy for all members of a business. What started as a consulting company solving data access problems soon developed into a software providing company with a comprehensive suite of internet-based solutions. iStore’s founders were years ahead of the times and knew that the web would be the “office” of the future. No longer would a physical office be required to store important and valuable documents. All this information would be available in the virtual world.

By using the web as a data management platform, companies greatly benefit in multiple ways:


1. Business never slows down.

In the past, if an employee was away on a business trip and could not tend to his everyday work responsibilities, business often slowed down, especially if the work of others relied on this employee’s work. By using the web to host a company’s IT processes, that employee can work remotely. Anywhere. Anytime. Business does not slow down just because someone is not in the office. 

2. Documents are in safe hands.

Remember the blue screen of death? Surely the thought of that terrible blue screen just sent you on nightmarish walk down memory lane. Before companies utilized the web to its full capacity, all documents were saved onto hard drives. But what happened when the computer crashed? Most likely, all the documents were erased. The web secures your documents, giving you peace of mind that your important files will be backed up in the cloud. 

3. Business can expand, faster than ever.

Before companies built their IT infrastructures on the web, they resorted to storing files locally on their computers. But what happened when the company started to expand and decided to open a second office location halfway across the country? They probably had to copy all the files from one computer to another. Yet data was never up-to-date because the separate computers could not accommodate real-time changes. The only way to keep up with information updates was through email, fax, phone calls, and mail, which could take days to receive the updates! Putting the business on the web allows for easy updates and access to real-time information. This enables companies to grow at lightning-speed! Employees can spend their time focusing on increasing revenue instead of searching to locate hundreds of thousands of important documents.


Having correct and up-to-date information at hand is crucial to the success of E&P companies. As in any industry, companies must be able to respond within a matter of minutes under certain circumstances. This information puts companies ahead of their competitors when they are able to make quicker decisions and focus on business strategy, instead of sifting through files all day.

What's in a Barrel of Oil?

The world consumes about 94 million barrels of oil each day, but only 46% is used to power our vehicles. So how does the world consume the remaining 50 million barrels of oil on a daily basis?

Most non-oil folks only think about using oil to fuel their cars with gasoline, but there are many other everyday uses of oil that would never even cross one’s mind. Without oil, we would not have plastics, pharmaceuticals, asphalt, fertilizers, food preservatives, greases, waxes, aluminum, and steel. Odds are, you use each of these products on a daily basis, in some way, shape, or form.

While one barrel of oil consists of 42 gallons, a single barrel yields about 45 gallons of petroleum products due to the processing gain. Take a look at the infographic below to see what is actually in a 42 gallon barrel of oil!