"This new patent is a significant advance in modeling for the oil and gas industry," said Gene Ennis, CEO and President of Object Reservoir. "We are changing reservoir modeling from an art to a science through our DRC professional services. By increasing understanding of the reservoir more quickly and with greater precision, Object Reservoir's DRC process will make 10 percent of the world's stranded oil recoverable." Object Reservoir was issued a patent for a method and system for modeling geological structures using an unstructured 4-dimensional mesh. Inventors include Stephen Kennon, OR's Chief Scientist; Scott Canann, OR's Chief Modeling and Meshing Scientist; and Steve Ward, OR's Vice President of Professional Services.
DRC is a technology-based modeling method that supports the rapid generation of highly precise and predictive reservoir models using standard reservoir pressure and flow data combined with geophysical and geological interpretation. DRC is offered through Object Reservoir's Professional organization.
Knowledge gained from DRC models has been shown to accelerate development decisions by six months; lead to a 30 percent reserves improvement; improve capex by 15 percent; and change one out of three drilling decisions. DRC represents more than 100 man-years of development and an investment of more than $18 million.
Object Reservoir's technology has been proven on 192 wells, with 46 customers.
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