SPE Workshop: Petroleum Economics – Managing Global Market Realities through Improvement of Values in an Era of Oil Price Volatility

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Date/Time
Date(s) - April 18, 2017, - April 19, 2017,
All Day MST

Location
SPE

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The second SPE Petroleum Economics workshop within the Asia Pacific region (April 18-19, 2017) provides a platform for knowledge sharing in the area of petroleum economics and investment analysis. 

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The workshop topics will focus on the latest economic valuation best practices, risk assessment techniques, asset life cycle optimisation tools, cost reduction methods, integrated planning, portfolio management ideas as well as global economic trends.

3esi-Enersight is proud to present twice at the SPE Petroleum Economics workshop:

Probabilistic Modelling: Project Evaluation on Multi-Dimensional Goals
“It is pleasing to see a high-quality, concise and interesting submission addressing the multivariate stochastic approach to quantitative economics and decision modelling. The limitations of deterministic, uncoupled, economic modelling have long been recognised; such methods fail to account for the complex interrelations and dependencies which exist across the various streams and phases of a typical Petroleum Project. A multivariate stochastic approach allows one to more robustly quantify the underlying economic uncertainties (based on Geological, Facilities, and Fiscal parameters to name but three), conduct more realistic forecasting by honouring the probabilistic nature of the complete System, and, perhaps most importantly, allows Management to make optimal decisions which minimise risk and maximise returns, overall, based on this integrated, evidence-based approach… One point to highlight (which is obvious but sometimes overlooked) in such analyses is that the If-Then Logic Network must be properly constrained to physically viable scenarios only (e.g. a particular Monte-Carlo Simulation which combines a given Geological realisation, Reservoir Simulation Forecast, Production Mechanism, Facilities Plant, Fiscal Regime, Pricing Model, etc, must all be compatible with one another at all times) which means that appropriate correlations and covariances between parameters, truncation of probability distributions, etc, are required as appropriate. It would also be good to examples and sharing of best practices.” – SPE Session Manager

Modelling OPEX uncertainty to manage overspend and underproduction risks: a case study in East Coast Australia CSG project
“This study presents an interesting coupled Well Performance and Economic Modelling methodology for deciding which wells to include in the project workover plan, accounting for wellbore failure, workover strategy, production constraints and field economics. Indeed, such an approach is becoming more common in the larger Operators, especially for workovers in IOR and EOR projects where combined technical and economic justification is essential given the OPEX involved…” – SPE Session Manager

Learn more about the SPE Petoleum Economics Workshop.

For more information on either of these presentations, contact us at info@3esi-Enersight.com 

View 3esi-Enersight SPE Abstracts

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