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A Fast Cost Effective Approach of Early Monetization of Resources - A Case Study of Angsi
- Publisher: European Association of Geoscientists & Engineers
- Source: Conference Proceedings, IPTC 2013: International Petroleum Technology Conference, Mar 2013, cp-350-00441
Abstract
In today’s business paradigm, early monetization of resources has become the key to have a competitive edge. This required faster generation of robust cost effective development plans through efficient, strong techno economic analysis followed by rapid implementation in project management. In response to management’s call to mitigate the national shortfall in oil production, the hydrocarbon potentials of Angsi were evaluated. Approved dynamic models were not available to guide. The drive to get faster oil led to investigation for opportunities within known reservoirs supported by seismics. A new approach of classical reservoir engineering techniques was used to understand undrained/bypassed and/or new oil, thus reserves. An innovative method to combine the production data with the static geological parameters was used to understand potential drainage areas of existing wells. The expected rates for the identified opportunities were estimated by another novel reservoir engineering technique. Anticipating possibility of higher project risks compared to conventional approach, the team deliberated the subsurface and operation risks through a series internal and external risk assessments which helped to prioritise risk and thus build in mitigation plans. The FDP with infill opportunities thus could be completed with critical analysis of available data without the dynamic model. These fast track wells were very successful in increasing production, reserves and thus provided higher economic returns. Based on the success currently a number of this early monetisation projects have been initiated. This paper details the novel engineering techniques used for study and the methods adopted for this early monetisation approach. It also explains how the project risks were handled to execute this fast track FDP.