ReO Forecast™ Software
Many methods are available to forecast field production rates, ranging from simple exponential decline curves to finite difference reservoir simulation models. One of the limitations common to most methods is that they do not adequately consider the detailed interactions of the reservoir, wellbore, and surface equipment, instead putting the bulk of the modeling effort into only one or two of these areas. The result is usually a thorough understanding of the area(s) where the focus has been applied, but the output production forecasts may be unsuitable for complex planning decisions because the total system performance has not been adequately considered.
ReO Forecast software is a production forecasting and field planning tool that supports engineers and managers making business planning decisions for oil and gas fields. It seamlessly links together models of the reservoir, wellbore and surface equipment to predict their combined performance and detailed nteractions. This allows integrated production forecasting and optimization from reservoir to delivery point.
ReO Forecast software is an essential tool to provide a view of how the asset will perform in the future and how this varies with changes in development and investment decisions. These forecasts are as accurate as possible and therefore the results are extensively used to make rational investment decisions about the development of both green and brown field assets.
ReO Forecast software is a significant step forward in the performance of key technical and business processes in oil and gas field planning. The ability to optimize the performance of the system at each time step and incorporate the effective real-world constraints in the model are unique capabilities which ensure the optimal planning option is defined.
Why ReO Forecast Software?
Substantial Cost Savings
ReO Forecast software reduces engineering cycle time for typical planning activities with easy generation of “what-if” scenarios. This provides a substantial cost saving over traditional forecasting and field planning methods.
ReO Forecast software provides the ability to generate forecasts to a high degree of resolution and precision. This enhances the accuracy of the engineering work done and thus maximizes the confidence in predicted cash flows and rates of return on investment.
ReO Forecast software provides the automatic incorporation of commercial sales contracts and physical production constraints. It also has the ability to optimize revenue throughout the forecast under changing economic and field conditions. This ensures that forecasts are realistic in the sense that they take into account the physical and economic realities in which the asset is being operated. They are also optimal in the sense that they maximize economic return taking all such constraints into account.
ReO Forecast software allows seamless integration with popular reservoir simulation output to leverage investment in existing reservoir models.