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.
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.
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.