Why use integrated risking software?
By using tools that serve as integration platforms for all disciplines involved, consistency, comparability and full data capture can be ensured; the pre-requisites for better decision-making.
Integrated decision models should be easy to use, yet flexible, allowing any type of project and decision situation to be evaluated. The modeling approach should involve all team members, improving cooperation and the review process. The time and cost estimation approach must take all risks and uncertainties into account, avoiding the cost surprises that management and partners always dislike.
The integrated team approach
Any planning process involves integrated consideration of in-place hydrocarbons, reserves, production rates, facility designs, capital investments, operating costs, timing of execution and economic factors. New technology also needs to be considered, but there has to be a balance between the different risks/uncertainties and the costs/returns.
All in all decision-making is getting more and more complex and there is a great need for efficient decision-making tools and processes. [/column] [divider top="0"] Conclusions
An integrated approach gives the following benefits:
- Ensures consistency and comparability across projects and portfolios
- Improves communication and integration between disciplines and team members
- Encourages team members to review and quantify risks systematically
- Gives management early warnings and allows for risk and uncertainty mitigation
- Shows management the range of outcomes, and reasons behind the values
- Fast-tracks decision processes and project planning
- Integrated stochastic field development tool for all disciplines involved
- Exploration prospect, discovery evaluations, concept selection, project comparison, ranking, aggregation and area planning
- Development scenarios, portfolio considerarions
- Economics with fiscal regimes, full risk assessment
- Integrated stochastic well planning tool for all disciplines involved
- Single well evaluations, contingency wells, pilot wells, production wells, injection wells, scenario modelling
- Comparison and ranking of alternatives, aggregation of wells in a campaign to give total project value
- Economics, full risk assessment