Euler is a Production Forecast Model developed by Euler Energy, a Mineaoil associated company, to estimates the reserves and the future production of an active oil field using a Data Analytic algorithm that adjusts the current production of the field and generate a production profile that represent the proven remaining reserve (P1 reserve).
The algorithm estimate reserves for individual wells group of wells, a reservoir, a field or group of fields. An algorithm is used to determine the particular parameters of each well, these parameters allow in the first instance “to reproduce” the production of the wells, obtaining very low differences when comparing the real production with the forecast of the system.
Subsequently, the Remaining Volume is calculated considering for this, an extension of time expressed in days or months. This extension can be determined by the economic limit of production for the well or field. This parameter can be changed taking into consideration technical and/or economic criteria.
The system can works in two modes:
- Well Model: the production data of each well is used, making production forecasts for each well.
- Field Model: it uses a field production profile derived from the wells, a field production forecast is made.
After reserves estimation Euler produce bubble maps indicative of remaining reserves per each well, to help visualization of the best areas.
The system is extremely fast and can generate estimated reserves results in fraction of minutes, for a group of fields.
After the reserves are estimated Euler calculates the economics evaluation using an algorithm that provide a fast approximation of the field or group of fields value. This feature makes the toll extremely useful in open rounds of bidding a group of fields in a any region or country, Particularly useful when a rapid estimation is required.
For a group of fields in evaluation Euler generates ranked tornado plots showing parameters as proved remaining reserves and Net Present Value NPV for each field in the studied area.
Mineaoil Data Anality specialists for Geosciences and Reserves estimations will be pleased to assist your company in a bidding for mature fields anywhere in the world. Please call us for more details for more details of our services.