Stochastic Simulation Launches New Reservoir Simulation Technology
Australia-based Stochastic Simulation Limited launched Thursday a new reservoir simulator, ResAssure, which is set to revolutionize production planning and reserves reporting in the Oil & Gas industry.
ResAssure easily computes over 1 Million realizations within a 24 hour period, a fraction of the time it currently takes with traditional methods and software packages. The release of ResAssure marks a significant milestone in the history of reservoir simulation – the first real industry technology advance in 30 years.
Dr Wadsley, Chief Technology Officer at Stochastic Simulation, commented “ResAssure is capable of quickly generating more accurate reserve estimates than is currently possible by any other software system. The approach taken generates a complete distribution of history matched models all of which are consistent with the geological model and observed production history. The time taken for this is orders of magnitude faster than current history matching methods.”
“Field development planning based on ResAssure’s distribution of models (rather than just upon a single history-matched model using conventional methodologies) will significantly reduce uncertainty and risk.” he added.
By enabling faster and more accurate analysis of dynamic subsurface geological data than has previously been possible, ResAssure markedly reduces the risk in the development of oil and gas fields by narrowing the range of uncertainty in reserves estimates: thereby supporting better production and financing decisions, with substantial increases in project Return on Investment (ROI).
ResAssure’s innovation in reservoir simulation solves fully-implicit, dynamic three-phase fluid flow equations for every geological realization. The speed breakthrough was achieved by a combination of proprietary algorithms, polygonal gridding and aggressive spatial coarsening and time stepping, based upon a conventional finite-difference discretization of the reservoir.
What Does This Mean to the Upstream Oil and Gas Industry?
This technological breakthrough pushes the boundaries of quantifying subsurface uncertainties. Oil and gas companies and associated consulting firms using ResAssure will benefit from:
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Stochastic Simulation Seals Partnership with Uzma Engineering in Malaysia (Oct 16)
- Stochastic Simulation Appoints Leo Mullins as Managing Director (Jul 31)
- Stochastic Simulation Launches New Reservoir Simulation Technology (Nov 11)