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Perspective: Oilfield Optimization — Dynamic Modeling, Simulation, Knowledge Transfer, and Training

Perspective: Oilfield Optimization — Dynamic Modeling, Simulation, Knowledge Transfer, and Training

This IDC Energy Insights Perspective captures the analysis that has come from multiple interactions with oil and gas companies and software and services vendors that offer modeling, simulation, and analytics for oilfield operations. Reservoir modeling has been in existence for a few years now, but it has been mostly used for testing various EOR and extraction techniques to predict and forecast the impact results on the flow of oil in the reservoir. Reservoir modeling is still an important function, but new tools and techniques enhance the process by tying traditional modeling activities to financial metrics. They also expand the concept to include real-time data for modeling and simulation of the entire process of oilfield development and production. A few oil and gas companies are using this approach to select the best spot to drill the next well, in addition to applying the best drilling and production strategies based on predictable outcomes. This is the ideal way for rapidly training novice engineers about oilfield operations dynamics.

Please Note: Extended description available upon request.

In This Perspective
Model the Portfolio Criteria to Select the Best Properties
The Oilfield Modeling Simulator and Its Similarities to the Flight Simulator
Using Modeling and Simulation — Driving Oilfield Development
Modeling and Simulation Software
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