Abstract

The cost of acquiring formation evaluation data is responsible for a significant portion of well costs. In the volatile oil price world, the well data acquisition programs have come under severe scrutiny to ensure adequate value is generated from every dollar spent. To support the process, generic Value of Information (VOI) analysis modules were developed to help justify data acquisition. Critical to the correct use of the modules is a good understanding of the key uncertainties, relevant business/operations decisions and associated data required to reduce uncertainties. The application of the modules on a typical shallow-water development well resulted in circa 20% cost reduction. Furthermore, this workflow has the potential to be replicated on a bigger scale (i.e. on more wells) in a bid to reduce field development costs.

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