Oil & Gas
Recoverable Resources Sensitivity Analysis
Technical Study
UK
The Client determined a range of recoverable volumes by using a dynamic model and applying an ensemble methodology.
Problem:
The issue with applying a monte-carlo approach to dynamic modeling is that it is very slow/computer intensive and there are a lot of variables to sensitise on compared to static volume calculations. ERCE was asked to develop a methodology that achieves the same solution but is faster and cheaper.
Solution:
ERCE developed a proxy model approach to make the calculation process faster. By using multivariate linear regression ERCE has able to predict the recoverable volumes of a dynamic simulation model. A plethora of tests were carried out to determine the robustness of the model. A wider range of sensitivity tests were carried out, along with statistical analysis (e.g. T-tests), to determine which variables have the greatest impact on recoverable volumes.
Benefit
ERCE has extensive experience in developing unique solutions to technical problems. Get in touch if you have a problem that you are unsure how to solve.