Performance Tracking for Improved Development Well Risking
Engineering Honours Degree 2008
University Of Adelaide
This honours project focuses on analytical methods for improving the process of risk evaluation which forms part of the ranking process for development wells in the Cooper Basin. It is conventional in development well project selection in the Region of Interest to decide which critical risks are most relevant to the project proposed; these risks are then used to assess the expected monetary value (EMV) for that project.
The risk factors usually of relevance are closure, reservoir, seal, sweep and the mechanical risks associated with drilling and completion. In addition, the chance of successfully placing a hydraulic fracture in the formation has become a risk factor that is becoming increasingly important. This is due to the reservoirs in the region often being deep and tight, hampering the ability for hydrocarbons to be produced naturally.
The project reviews previous, development well technical failures and successes and their causes to determine whether pre-drill estimates of reserves and risk are in-line with project outcomes. This is a failure mode analysis concept and is a means of measuring performance and addressing improved risk estimation.