In order to maximise the value of development projects, drilling plan alternatives must be evaluated and ranked consistently, taking into account all risks and uncertainties. Inconsistencies in this planning process can result in erroneous comparisons and poor decisions having significant impact on field economics.
IPRISKwell, a member of the family of IPRISK tools, is specifically designed for the evaluation of well projects. It is an easy-to-use and powerful tool that integrates data from all involved disciplines in one calculation model. IPRISKwell provides a systematic approach to well project evaluation.
The easy-to-use IPRISKwell interface includes menu-bars and option pop-up windows guiding the user through a logical workflow. IPRISKwell sits on top of Microsoft Excel and Palisade @RISK and takes advantage of these products flexibility and familiarity. All features and options in IPRISKwell are covered in the IPRISKwell Help system.
By using IPRISKwell, uncertainty at all levels can be incorporated in the well project analysis. Both planned and unplanned events can be accounted for. The user can easily change the level of complexity in the input in order to model the problem at hand. In the end, this allows for better and faster decisions.
IPRISKwell can be used to model a number of different well projects, ranging from detailed studies of single wells to evaluation of drilling campaigns including production profiles and economics for ranking, selection and prioritizing purposes
Alternative well designs and well locations can easily be compared, and the preparations for the actual execution of the project (s) are improved. The model is normally run in a completely stochastic mode. It is however, also possible to run the model in a deterministic mode, e.g. for the benchmark purposes.
Features and options
Provided below is a selection of features and options in IPRISKwell. The tool can easily be customised to suit specific needs.
Model Set-up
- Primary well/Contingency well
- Platform/Sub-sea/On-shore wells
- Oil/Gas/Condensate
- Multiple reservoir targets
- Multiple well branches
Reserves estimation
- Target/Total reserves
- Alternative input formats
- Risk factors
- Delta reserves
- Deduction of historic production
- Calculation of reserves independent from other modules
Production Profiles
- Simple/Combined/Sequential/Delta production
- Analytical/empirical/direct import
- Production profile preview
Drilling
- Probability for drilling and completion problems
- Model different sections of the well separately
- Calculate drilling cost and time independent from other modules
Economics
- Constant/Annual oil and gas price
- Inflation rate
- Discount rate
- Oil / Gas tarrifs
Comparison
- Compare analyses
- Compare well designs
- Compare targets
- Rank wells
Scenario
- Evaluate complex projects
Aggregation
- Evaluate well campaigns
- Total value of multiple projects / well campaigns
Results
- Outcome tree
- Tornado plots
- EMV/NPV
- Cash flow
- Stochastic production profiles
- Time / depth plots
- Total reserves
- Drilling time and cost
- Unit production cost
- Management summary reports
- Automatic reports
Reports
- Automatic summary management reports
- Reports in Excel, PowerPoint and Word format
- Reports for input and result parameters
Help System
- Full web-based help system
- Contents, search and index
- Definitions of all parameters and equations
System requirements and installation
- @RISK 4.5, 5.0 or later
- Microsoft Office 2003 or later
- Windows XP /SP2) or later
- FLEXnet / FLEXlm license handler (counted or un-counted) or stand-alone installations
