Webcast SPE WA Lecture:Using Integrated Asset Modelling to Improve Oil and Gas Planning Decisions in a Volatile Market
On Tuesday 31 March 2015, Stochastic Simulation’s Dr Andrew Wadsley presented at an SPE WA Lecture on:
Using Integrated Asset Modelling to Improve Oil and Gas Planning Decisions in a Volatile Market
With Stochastic Simulation’s support, SPE WA was able to video the full presentation and provide it as a free web-cast.
To watch this presentation, click here: https://vimeo.com/124462588
Abstract of talk
Crude Oil has been our primary energy driver for a number of decades and the current fluctuation in oil price puts many operators’ future investments in limbo. Natural gas exploration, production and distribution however, have increased tremendously in recent years. Oil production primarily focuses on maximising liquid hydrocarbon recovery and minimising gas production, whereas gas production is typically driven by long term contracts generating both opportunities and challenges in optimising reservoir production.
Integrated asset models provide a pathway for planners and engineers to combine their views from often conflicting objectives. IAM tools enable optimal hydrocarbon resources to be recovered by oil and gas companies. The details required for building an asset model depend on the type of optimisation problem we strive to address. It is common practice for E&P companies to use the same tools for optimising different types of reservoirs; however gas reservoirs are significantly different to manage when compared to oil reservoirs.
Asset management teams in E&P companies, joint venture partners and Government regulatory authorities rely upon the Integrated Asset Models for making informed decisions.
There are a number of applications for IAMs and the presentation focusses on:
How IAM is important as a corporate planning tool
How market based models provide robust optimisation for oil and natural gas exploration and production
Facility representation in IAM – how much detail is optimal and for what purpose
How to find system bottlenecks and enforce facility constraints for field development optimisation
Good forecasting models – how they aid exploring challenging fields (High CO2, H2S etc)
Presented by Dr Andrew Wadsley
Dr Andrew Wadsley has more that thirty-nine years’ experience in the petroleum industry – starting as a well-site petroleum engineer with Shell International in 1975, and has been a consultant petroleum engineer for over twenty-five years. Dr Wadsley is the Executive Chairman and Founder of Stochastic Simulation Limited, an unlisted public company founded in 2008; he was adjunct Associate Professor in Petroleum Engineering at the Curtin University of Technology; he was Chief Scientist for Paradigm Geophysical; and was Reservoir Engineering Expert on the Gorgon CO2 Sequestration Review Committee for Department of Industry and Resources, Western Australia. Dr Wadsley has been Umpire for resolution of a Gas Reserves Dispute, and has been called as an Expert Witness in cases ranging from reservoir engineering, the mercury content of natural gas, to gas production operations. He is a member of SPE and EAGE, and the Society for Industrial and Applied Mathematics. He received a Bsc (Hons), University Medal in Mathematics from the Australian National University in 1970, an MSc in 1972, and a PhD (Mathematics) from the University of Warwick (UK) in 1974.