The Science Behind Oil And Gas Reservoir Evaluation
The Oil and Petroleum industries have need of dedicated third party firms which specialise in oil and gas reservoir evaluation, exploration and production, and the work that goes into the process is absolutely staggering. Proper utilisation of available technologies help oil and gas reservoir evaluation companies fulfil their tasks in a timely manner, and very many oil and gas reservoir evaluation companies tend to build their own solutions in order to manage this very niche task.
It might seem somewhat surprising to think that an oil and gas reservoir evaluation company may do so, though it is not that surprising considering the qualities of a reservoir. Each and every asset (or well) varies from the other on a considerable basis, the same way that a human’s fingerprints vary from another. Essentially, no two wells are the same, and each comes with unique challenges partially attributed to the well itself and partially attributed to location, so the creation of company specific software can be imperative when it comes to getting it right – especially when it comes to oil and gas pricing .
The first thing an oil and gas reservoir evaluation company will do is amass vast quantities of data in order to determine where oil and gas deposits are, and how best to extract them. Best of course denotes the safest, and the most cost effective way in order to obtain the resource in question, be it oil or gas.
Of course, there is the possibility that the resource itself may not contain the amount of oil or gas just makes creating a well and starting the process of extraction viable, and the role of an oil and gas reservoir evaluation company is to examine the potential asset, run tests and depict just how much of the resource is available, how much of it can be extracted, the cost of doing such, as well as how long the resource in question will last. This enables shareholders and lenders to be on the same page when it comes to ensuring that an asset truly is an asset, and not simply a liability.
An oil and gas reservoir evaluation company will employ a number of professionals in varying parts of their organisation – from geologists and geophysicists to economists, the discipline of oil and gas reservoir evaluation is inclusive of a number of sophisticated scientific procedures including seismic imaging, geologic modelling, petrophysics, reservoir modelling and production optimisation.
