Field Development Planning (FDP) Consulting
Developing Custom-Designed Field Development Plans
Field Development Planning is the daunting process of evaluating multiple development options for a field and selecting the best option based on assessing tradeoffs among multiple factors:
- Net present value, typically the key driver of decisions for publicly-traded operators.
- Oil and gas recovery, which is heavily valued by National Oil Companies and regulators.
- Operational flexibility and scalability, particularly important factors for deep water and unconventional developments
- Capital versus operating cost profiles, with cash-constrained operators often favoring solutions that minimize up-front capital spending.
- Technical, operating and financial risks.
Investors set oil company valuations in part on the company's ability to design and execute credible field development plans. As a result, oil and gas company management is under increasing pressure from investors to translate discoveries into cash flow as quickly as possible. On the other hand, growing field complexity in many parts of the world has made field development plans (FDPs) increasingly difficult to formulate and execute. Industry studies have shown that FDPs routinely over-estimate field production rates and ultimate recovery due to causes ranging from poor initial characterization of the reservoir to not fully integrating available development technologies.
Halliburton Consulting helps other PSL's integrate Halliburton's best practices and workflows to support operators in formulating integrated field development plans that achieve operational and financial success:
Halliburton Consulting has expertise when to apply game-changing technologies across the field development landscape:
- Advanced geophysical and logging technologies to help characterize reservoirs and identify potential "sweet spots"
- Drilling, completion and stimulation technologies to enhance reservoir contact, well productivity and ultimate recovery
- Lift and flow assurance technologies to ensure high well deliverability
- Implementation of digital oilfield technologies to optimize surface and subsurface assets and enhance production.
Halliburton Consulting has an experienced team of consultants with integrated field development experience around the world. Our team uses Front End Loading and Rapid Prototyping to formulate FDPs efficiently:
- Risk management software to help in modeling multiple uncertainties at a field or portfolio level
- Well planning and design software
- Modeling and simulation software at the well and field levels
- Software to enable rapid assessment of field development options and costs for offshore fields
- Industry-leading reservoir characterization, drilling, completion and stimulation technologies.
Halliburton Consulting's experience includes formulating multiple large-scale integrated field development plans around the world.