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How do you update and revise field development plans based on new information and feedback?

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Economic evaluation and decision analysis are essential skills for field development planning, but they are not static processes. You need to update and revise your plans based on new information and feedback from various sources, such as reservoir performance, market conditions, stakeholder preferences, and regulatory changes. In this article, we will discuss some best practices for doing so effectively and efficiently.

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Dr. Lidia E Pinzon Rincon

Sr. Integated Reservoir / Production Engineering
John Tingas ΙΩΑΝΝΗΣ ΤΙΓΚΑΣ PhD, MSc

Petroleum Engineering & Chemical Engineering Contract Work at J. TINGAS PETROLEUM ENGINEERING LIMITED

1 Identify key uncertainties and scenarios

The first step is to identify the key uncertainties and scenarios that affect your field development plan. These can include technical, economic, environmental, social, and political factors. For example, you might consider how different reservoir models, production profiles, oil prices, cost estimates, environmental impacts, and regulatory regimes would influence your plan. You can use tools such as decision trees, sensitivity analysis, and Monte Carlo simulation to quantify and compare the outcomes of different scenarios.

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Dr. Lidia E Pinzon Rincon

Sr. Integated Reservoir / Production Engineering
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The first step should know what you have and where you want to go. Then, we can estimate more reliable uncertainties and scenarios.

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Ashutosh Kak

Leader | Explorer | New energy enthusiast | Evidence based science supporter.
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Before jumping to uncertainty the problem statement needs to be framed properly. You don’t want to be solving the wrong problem

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2 Collect and analyze new data and information

The second step is to collect and analyze new data and information that can help you reduce the uncertainties and refine the scenarios. This can include data from wells, seismic surveys, reservoir simulations, market reports, stakeholder surveys, and expert opinions. You need to evaluate the quality, reliability, and relevance of the data and information, and use appropriate methods to incorporate them into your analysis. For example, you might use Bayesian updating, data assimilation, or machine learning techniques to update your reservoir model or your probability distributions.

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Iker Perez-Castelan

Crude Oil Trading | Planning | Petroleum Engineer
(已编辑)
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Collecting new data and information is very important, however, transforming this data into a powerful knowledge for decision-making is the challenging task, as it requires a comprehensive project background and prospective

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3 Review and revise your objectives and criteria

The third step is to review and revise your objectives and criteria for evaluating and selecting your field development plan. These can include financial, technical, environmental, social, and strategic objectives and criteria. You need to ensure that they are consistent with your project goals, stakeholder expectations, and regulatory requirements. You also need to consider how they might change over time or under different scenarios. For example, you might use multi-criteria decision analysis, value of information analysis, or real options analysis to account for multiple and dynamic objectives and criteria.

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John Tingas ΙΩΑΝΝΗΣ ΤΙΓΚΑΣ PhD, MSc

Petroleum Engineering & Chemical Engineering Contract Work at J. TINGAS PETROLEUM ENGINEERING LIMITED
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The realistic way to net-zero emissions to the atmosphere of Green-House Gases (GHG) is to combine EOR by anthropogenic CO2 and CCS in petroleum and natural gas reservoirs. Feasibility study of combined CO2 EOR and CCS has to be compulsory in field development studies. Combined CO2 EOR and CCS in petroleum and natural gas reservoirs is, and it has to be a key field development objective.

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4 Communicate and justify your plan and revisions

The fourth step is to communicate and justify your plan and revisions to your stakeholders and decision makers. These can include management, partners, investors, regulators, customers, communities, and NGOs. You need to present your plan and revisions clearly, transparently, and persuasively, using appropriate formats, language, and visuals. You also need to explain the rationale, assumptions, uncertainties, and trade-offs behind your plan and revisions, and address any questions, concerns, or feedback. For example, you might use dashboards, reports, presentations, or interactive tools to communicate and justify your plan and revisions.

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5 Monitor and evaluate your plan performance and impacts

The fifth step is to monitor and evaluate your plan performance and impacts over time and across different dimensions. These can include production, revenues, costs, reserves, emissions, safety, social acceptance, and strategic alignment. You need to measure and compare your actual results with your expected results, and identify any deviations, gaps, or opportunities. You also need to assess the effects of your plan and revisions on your stakeholders and the environment, and ensure that they are acceptable and sustainable. For example, you might use indicators, metrics, benchmarks, or audits to monitor and evaluate your plan performance and impacts.

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6 Learn and improve your plan and process

The sixth and final step is to learn and improve your plan and process based on your monitoring and evaluation results and feedback. You need to identify the root causes of any problems or issues, and the best practices or lessons learned from any successes or achievements. You also need to implement any necessary or desirable changes or adjustments to your plan or process, and document them for future reference or replication. For example, you might use feedback loops, adaptive management, or continuous improvement methods to learn and improve your plan and process.

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Dr. Lidia E Pinzon Rincon

Sr. Integated Reservoir / Production Engineering
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Continuous improvement is required to maintain productivity to maximize stakeholders’ interests and government requirements. A field development plan is not forever but a starting point, so monitoring, evaluations, and improvement must be permanent.

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How do you update and revise field development plans based on new information and feedback?

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1 Identify key uncertainties and scenarios

2 Collect and analyze new data and information

3 Review and revise your objectives and criteria

4 Communicate and justify your plan and revisions

5 Monitor and evaluate your plan performance and impacts

6 Learn and improve your plan and process

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