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The pForecast solution
pForecast is a tool for forecasting and reporting of future production and injection
pForecast is based on modern cloud technology and is a tool to digitalize, simplify, and standardise how production forecasts are generated and utilised, in keeping with the industry’s ever-increasing need for agility.
Powersim Software will be at OTD Energy 2021
We are thrilled to announce that we will be attending OTD Energy 2021 from 20-21 October in Stavanger. We will be presenting “First steps towards automated production forecast” alongside Aker BP at 13:00 on 21st October. We will be happy to have a discussion with you about new cloud-based technology for oil and gas production forecast and our solution.
Come and join us!
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Tool for forecasting and reporting of future production and injection
«Risk evaluation of production prognoses are commonly used within the oil and gas sector. What is unique with the Powersim Studio solution, is that uncertainties are considered an integral part of the prognosis work, not an activity applied after the base prognosis is established.»
Senior Advisor, Equinor
Benefits of pForecast
With pForecast, your organization will substantially save time and effort. Forecast of existing wells and future drilling takes production efficiency and capacity limitations into consideration in the simulation scenario. All volumes and accumulated values are aggregated to defined report groups.
Estimate a reservoir’s future value
Once an asset has been configured, potential production and historical production data may be imported to verify the forecasts calculated by
pForecast. For future production, there are several estimates, each with their own
probability. Adding uncertainty on production efficiency will give a more accurate estimate for the potential volume for each flow day.
Uniform calculations of data
Gain full control of the calculations behind each individual production forecast. Reduce the risk of introducing errors by standardised handling of data across your organisation and all your assets.
Shift your focus to running analyses with a built-in uncertainty assessment feature that enables you to apply assumptions on the uncertainties
of each asset, whether it is a delay in drilling schedule or a change in the length of a shutdown.
What is pForecast?
Input from reservoir simulation
Volumetric uncertainty is largely calculated for individual wells by reservoir simulations. pForecast import aggregated results and you can apply last minute changes to the drilling plan, including restraints in overall capacity to simulate uncertainties over time. This could save several weeks’ worth of work compared to run new reservoir simulations.
Up-to-date plans for forecasts
It is easier to evaluate different planning scenarios using pForecast than with reservoir simulations alone. Each planning parameter, like drilling times and shutdown durations can be set with uncertainty, allowing Monte Carlo simulation to calculate the probability for the most likely scenario within an uncertainty span.
Uncertainties with correlations of events
Stochastic calculations including large numbers of independent events, where each event has an uncertainty, may give a resulting uncertainty that is too low. pForecast allows for correlation between events to obtain a more realistic uncertainty span from your simulations.
Uniform your forecasting process
- Keep your analyses up to date by swiftly importing fresh data
- Run scenarios at the click of a button!
- Produce a detailed report in minutes!
- Run a stochastic simulation during your lunch break or allow pForecast to run multiple Monte Carlo simulations in just a few hours.
More exact forcasts
Your data Analyst can run an unlimited number of scenarios from a web-based and user-friendly environment and study individual oil and gas assets in detail. Forecasts made by individual wells will assemble automatically into the overview asset portfolio.
Automatic and user-defined reporting
Reports are available for internal and governmental purposes on both field and company-wide level. Reports from the analyst group will keep management up to date with the latest feedback on the company’s assets and overall uncertainty profile.