For E&P upstream player, the most exciting oil and gas development project is to transform a commercial hydrocarbon resources into readiness for production to meet the company investment portfolio. It involves field development planning, design, technology, procurement, construction, drilling and start-up prior to handover to production operations.
Most of the times, economic evaluation, assessment of risk and return on investiment (ROI) from the project are the key factors to determine the fate of the project during feasibility study and/or before the Final Investment Decision (FID) phase. Moreover the project cost, schedule, reserves to be developed and production profile are the key parameters to dictate the cash flow and net present value.
The general practice is that once the project completed, the reservoir model will be updated with new findings and surprises observed during drilling phase and include in post drilling evaluation report. After this stage, the project team will be disbanded and most companies will be lacking a single point of accountability for delivering production as promised1. Once all the requirements and expectation have been met, the project is considered to be successfully delivered.
In this case study, the real time production and survelliance data were analysed. Although initial production did not meet the FDP delivery target due to project delays and subsea facilities downtime which causes production deferment, the stabilized production trends with time indicated a potential reserves gain by about 50%.
In summary, the analysis shows the value of analyzing the production and surveillance data by a dedicated team to assess the current field performance compared with the forecast profile from FDP study. The deviation can be a triggering point for revision on the resources figures, future infill opportunities and may contribute to the future cluster development within the same PSC.