Today’s operators, faced with a continued market downturn and its impact on future horizontal drilling opportunities, are asking themselves, “How can we maximize our potential earnings in each play?” Because the North American shale revolution has unlocked vast amounts of reserves once thought impossible to exploit, operators are scrutinizing completions data by play—and leveraging Peloton products like WellView®—to better understand key operational questions, such as:
- Are we maximizing our earnings potential compared to estimated reserves?
- What are the contributing factors that impact production optimization?
- Which completion method is creating the most value?
Leveraging completions data to get answers to these key questions requires forethought and planning. Here are three key considerations for using completions data for play optimization.
Data Entry: Now that completions data is being used to drive production performance, companies should take a closer look at how they are entering completions data in WellView®. Some key questions to ask yourself and your peers:
- Are we utilizing the most up-to-date capabilities in WellView® 10 around capturing completions data by interval?
- Do we have our proppant, fluid, stages, and clusters standardized?
- Are we able to track NPT by play and service company?
- Where did our frac water come from? Where did it go?
- Are there consistent processes and procedures in place to ensure accurate information?
- Is our historical data clean and available?
Integration: To make completions data meaningful, companies need to look at how production is affected by completions methods and how it compares to what the company was expecting to produce. In order to do that, completions, well header, public, reservoir and production data need to be integrated together in a data management tool.
Reporting: Once the data is integrated, companies can then detect patterns that can be used to make smarter business decisions and develop key performance indicators to monitor the process. Once those indicators are in place, utilizing a reporting tool like Spotfire will allow companies to build forecasts on historical trends as well as take action on suspicious metrics.
By doing all three steps above, you will be able to leverage your Peloton products to truly add value back to your company. Don’t let your application just be a data store. Utilize its capabilities to improve your business and your return.
Learn more about how Stonebridge’s Peloton Services can help you optimize the value of your WellView®, RigView®, SiteView®, and ProdView® implementations and upgrades in a faster, leaner, and smarter way.