HOUSTON--(BUSINESS WIRE)--Caesar Systems announced PetroVR Version 11.2, a mid-year software release featuring enhanced flexibility and accuracy in unconventional asset planning simulations, with seven (7) new capabilities and 47 enhancements.
“Modeling unconventional well performance using modified Arps equations is enhanced by the addition of a highly flexible switch that enables multi-segment modeling with time flexibility and variability around the curve segments,” said Ken Blott, chief strategist for Caesar Systems.
Unconventional well decline curves typically have at least two phases, each one described with a modified Arps curve having a different value. The primary uncertainty is the time at which the value changes, which can vary in unconventional assets by days or months, with significant economic impact. To model this decline shift, well models in unconventional assets can now be defined in PetroVR 11.2 with well-specific decline switches for more reliable economic modeling.
Flexibility and accuracy for well modeling in unconventional assets:
- Automatic decline switch in Well Decline Manipulation involving Arps equations
- New probability function for calculating InverseTriangular Distributions
- Flexibility to compute drilling and completion costs as either CapEx or OpEx, to prevent exploration and appraisal wells or dry holes from being included among capital assets
- Enhanced algorithm for calculating facilities along with wells now reflects the impact of rig units being added and withdrawn
- Shut-in excess policy has been extended to all wells upstream from the facility, apart from those directly connected
- Plan results for Total Oil Developed and Total Gas Developed are now shown for the whole project including facilities and rigs, which were previously shown at the reservoir level only
- Display tables now can be defined by arrays as parameters, which allows tables whose values change over time
For more information about PetroVR Version 11.2 and well modeling in unconventional assets, visit http://www.caesarsystems.com/petrovr/whats-new-in-petrovr or contact the company at +1 (281) 598-8800.
Petroleum Ventures and Risk (PetroVR) is simulation software for decision assurance, designed by and for E&P professionals to reveal uncertainty, pinpoint value and accelerate confidently to production.
Field proven for more than 15 years, PetroVR is the E&P industry standard for integrated asset development planning, and the only software platform designed to simulate an entire E&P network from sub-surface to point of sale that includes probabilistic risk and uncertainty modeling with full fiscal economics.
PetroVR is a Registered Trademark of Caesar Systems, LLC.
About Caesar Systems
Headquartered in Houston, Caesar Systems empowers E&P companies to accelerate confidently to production through its PetroVR software suite, backed by coaching support.
Caesar Systems is led by an experienced team of oil and gas and software professionals at offices located in Houston, Texas; Buenos Aires, Argentina; Paris, France; and London, United Kingdom.