Customer Challenge
With a rich history dating back to its discovery in 1967 in relatively shallow waters, the oil and gas field boasts a pattern of Plio-Pleistocene age sandstones. Over the years, the field has been appraised with the addition of four wells in 2006, followed by an OBC seismic survey and another appraisal well in 2012 to design a development plan. However, challenges persisted, prompting Vulcania Energy to be contracted for a crucial task—to conduct a Peer Review of the subsurface work completed by the Client’s internal technical team before going for investor’s final investment decision (FID).
Solution
In a meticulous evaluation, Vulcania Energy examined typical tasks, workflows, and products across various disciplines against industry standards. Critical gaps in information surfaced, demanding urgent attention. The documentation of the relationship with the nearby field, encompassing formation characteristics, production, and recovery factors, proved essential. Additionally, the latest 3D seismic OBC PSDM, largely sag-free and misrepresenting the structural envelope of the main reservoir, required comprehensive revision. Moreover, the FDP needed a strategy to mitigate uncertainty regarding the oil viscosity in two reservoirs.
Outcome & Value Delivery
The outcome of our thorough evaluation revealed that the proposed FDP project was not yet mature enough to proceed to the investor’s final investment decision (FID). The structural sag was identified as a potential seismic artifact, while higher than anticipated oil viscosities posed challenges to recovery and surface facilities design. By preventing the client from committing to a significant FID investment of $X00M+ in a 16-well offshore development campaign, Vulcania Energy proved instrumental in safeguarding against remaining critical uncertainties. Our recommendation for drilling an appraisal/pilot well before FID provided the key to lift major uncertainties and chart a course toward informed and confident decision-making. With Vulcania Energy as your trusted partner, navigate complex challenges with precision and insight, ensuring optimal outcomes and sustainable growth in your geo-energy ventures.
