Field Development Plans: Maximizing Returns with Data-Driven Strategies

Field Development Plans: Maximizing Returns with Data-Driven Strategies

In the competitive world of oil and gas, effective field development plans are essential for maximizing returns on investment.  Operators face numerous challenges in creating and executing these plans, including uncertainties in reservoir characteristics, time-constrains, and economic risks. Therefore, to navigate these complexities and ensure optimal outcomes, a data-driven approach is critical.

Traditional methods of field development planning often rely on limited data and subjective interpretations. Consequently, leading to suboptimal decisions and missed opportunities. On the other hand, a comprehensive, data-driven approach leverages the power of benchmarking and advanced analytics to provide a clearer understanding of reservoir potential and optimize development strategies. By comparing performance against a vast database of global analogues, companies can gain valuable insights into best practices. In addition, subsurface professionals can identify areas for improvement, and make more informed decisions throughout the field development lifecycle.

Belltree: A Leader in Data-Driven Solutions

Belltree specializes in providing data-driven solutions that empower companies to maximize their oil and gas asset value. With a unique suite of services and software, Belltree helps companies make informed decisions, reduce risks, and unlock hidden potential.

Belltree’s key offerings include:

• National Benchmarking: A methodology that utilizes a vast database of global field data to benchmark performance, identify upside potential, and optimize field development strategies.
• LTRO (Locating the Remaining Oil): A specialized technique that focuses on revitalizing mature fields by identifying and recovering remaining oil reserves.
• bMark™: A powerful software tool that facilitates data analysis, benchmarking, and predictive outputs. bMark™ provides high-value data insights and advanced predictive analytics to support informed decision-making throughout the field development lifecycle.

bMark™ empowers users to analyze their portfolios through instant uploads and access a comprehensive database of over 50,000 fields and reservoirs. The platform allows for specialized data analytics and benchmarking, enabling users to validate development plans and reduce risks. Additionally, bMark™ facilitates effective mergers and acquisitions evaluations and optimizes field development through multi-level benchmarking and predictive analysis. Ultimately, maximizing returns on investments for regulators, national oil companies, and independent oil companies.

National Benchmarking: Unlocking Upside Potential

National Benchmarking is a critical methodology that enables governments and National Oil Companies to validate hydrocarbon reserves and identify missed upside potential. Belltree uses national datasets to train robust benchmarking correlations, enabling the comparison of every field and reservoir’s performance against local, regional, and global peers. This objective evaluation helps to:

• Identify underperforming assets.
• Highlight areas for improvement.
• Optimize development strategies.
• Increase reserves.

Belltree has been a trusted partner of government regulators, NOCs, and IOCs for 15 years, helping to maximize asset performance and identify hidden reserves potential in a sustainable manner.

LTRO: Breathing New Life into Mature Fields

Locating the Remaining Oil (LTRO) is a unique field analysis technique that focuses on revitalizing mature fields by identifying and recovering remaining oil reserves. Unlike traditional reservoir modeling approaches, LTRO emphasizes “developing the field” rather than “developing the model,” utilizing a practical approach based on:

• Voidage.
• Volumetrics.
• Mapping.

This approach allows for faster decision-making, accommodates multiple geological scenarios, and enables companies to implement production growth opportunities promptly. LTRO significantly reduces 3D development study timeframes, leading to cost savings and improved efficiency.

Case Study: Petoro Unlocks Value with Benchmarking

Petoro, the manager of Norway’s oil and gas reserves and facilities, utilized Belltree’s benchmarking analysis to identify underperforming fields and highlight value potential. The analysis focused on key performance indicators such as:

• Recovery factor performance.
• Drilling density.
• Offtake rates.

By comparing Petoro’s fields to global analogues, Belltree’s analysis provided valuable insights that enabled Petoro to optimize its field development strategies and maximize recovery.

Partner with Belltree for Success. Effective field development planning is crucial for maximizing returns in the oil and gas industry. Belltree’s data-driven solutions, including National Benchmarking, LTRO, and bMark™ software, empower companies to make informed decisions, reduce risks, and unlock hidden potential.

Contact Belltree today to:

Request a free demonstration of the bMark™ software.

• Learn more about Belltree’s unique services.

Visit Belltree online at www.belltreegroup.co.uk or email info@belltreegroup.co.uk to get started.