For one large independent operator in the Permian Basin, this new software solution replaced its beloved in-house applications, and the results exceeded expectations.
Recently, a large independent oil and gas operator in the Permian Basin developed custom in-house desktop software applications designed to support multiple reservoir engineering and planning teams. During the process, they were troubled by a critical question: should they build or buy a sustainable solution for their core petroleum economics and forecast software that underpinned their planning and decision-making workflows. In the end, they decided to adopt ComboCurve as what they described as a “shale-native” application that would replace their beloved tools and the key capabilities that kept their forecast accuracy high and iteration-time low.
Challenge: Match and Exceed Internally Developed Tools
This large independent used advanced RTA workflows facilitated by custom in-house desktop software applications to create multi-segment decline curve forecasts on top of their high-fidelity daily production data. Their forecast tools allowed them to perform forecasting, type curves, and economics for field development planning, facility design, land evaluations, and budgeting needs in a tightly integrated workflow.
Among the key capabilities:
- Daily-resolution forecasts
- Daily-resolution type curves
- EUR-based type curve normalization methods
- Multi-segment forecast methodology
- Rapid reconciliation of forecast and economics
- Easy “what-if” scenario generation for capital, price, completion design, and lateral length
- Forecast approval workflows and merging of multiple reservoir engineers’ work
- Direct integration to future “stick” location database
- Inverse hyperbolic GOR forecasting
- Combine GOR Exponential-flat fitting technique
Their tools rapidly reconciled their forecasts against actual data using a few clicks of a button, and the backing of their most experienced and opinionated SMEs. How was anyone going to beat that?
Solution: Adopt a Rapidly Developing Platform
By adopting ComboCurve, this large independent oil and gas operator embraced a company with an entrepreneurial spirit that got the core functionality “right” while listening to their clients’ needs. They maintained key capabilities that ensured workflow continuity and developed new features through feedback and regular communication.
Impact: Reduced Cost, Increased Capabilities, and Improved Sustainability
ComboCurve seamlessly transitioned existing workflows while migrating historical forecasts and the body of work to the new platform to reconcile the past and learn from workflow history.
In addition, it maintained greater than 90% accuracy.
ComboCurve proved more cost-effective than internal development as well, mainly due to the high cost of experienced software developers, project managers, and contractors, as well as the cost of needing to lean on reservoir engineering SMEs.