Technology Focus: Field Development Projects (November 2008)
- J.C. Cunha (Petrobras America)
- Document ID
- Society of Petroleum Engineers
- Journal of Petroleum Technology
- Publication Date
- October 2008
- Document Type
- Journal Paper
- 40 - 40
- 2008. Copyright is retained by the author. This document is distributed by SPE with the permission of the author. Contact the author for permission to use material from this document.
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We all are aware of, and have been affected by, the large swing in oil prices over the past 4 years. I have asserted the importance of evaluation and management of uncertainties when planning the development of a new field or even when revisiting options for mature fields. Higher oil prices may reduce financial risks temporarily for a certain project; however, the complex decisions involved in field development, as well as the many variables to be dealt with, will make almost every project extremely risky. Ultimately, decisions taken in earlier stages, when uncertainties abound, are among the main factors that will determine the level of success of a project.
Higher prices may improve the results, eventually, of a project that otherwise would be considered a failure, but the fact is, among the various uncertainties in our business, oil price is paramount. With that in mind, we should give utmost attention in management of uncertainties existing in other factors related to field development, ranging from well drilling to reservoir characteristics. Many in our industry agree, which can be seen by new approaches and recent development of various creative and exciting risk-management tools. Our featured papers this month have some wonderful examples.
On a personal note, I would like to mention that after 5 years of writing this column, initially for Subsea Completion and later for Field Development, in October 2008, I will replace Ed May as Chairperson of the JPT Editorial Committee. Ed did a fantastic job of chairing over the last 4 years, and I will do my best to follow his steps, maintaining JPT’s status as the primary publication in our industry. I must thank all of you for your constant encouragement and so many thought-provoking emails. Please feel free to continuing writing to me. Thank you.
Field Development Projects additional reading available at the SPE eLibrary: www.spe.org
SPE 108891 • “Using Geomechanics To Optimize Field-Development Strategy of Deep Gas Reservoir in Saudi Arabia” by Mahbub S. Ahmed, SPE, Saudi Aramco, et al. See JPT April 2008, page 78.
SPE 113831 • “The Benefits of Integrated Asset Modeling: Lesson Learned From Field Cases” by M. Rotondi, Eni, et al.
SPE 113554 • “Selecting an Optimal Field-Development Strategy for the Vankor Oil Field Using an Integrated-Asset-Modeling Approach” by D.A. Antonenko, OJSC Rosneft Oil Company, et al.
Additional reading available at OnePetro: www.onepetro.org
OTC 19254 • “An Overview of the Roncador Field Development, a Case in Petrobras Deepwater Production” by E. Bordieri, Petrobras, et al.
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