Increasing production, adding reserves and reducing costs
As a field’s lifecycle plays out and production declines, the question becomes, “How can we keep this field profitable?” Our Mature Field consultants address this question by rapidly applying global best practices and new technologies that will work best in your specific field.
Immediate P&L impact
Most of Halliburton’s mature-field engagements are designed to have immediate impact through some type of intervention: What can we do to get more oil and gas out of existing wells? After reviewing well data and prioritizing needs, Halliburton recommends and implements solutions that address underperforming wells, address artificial lift challenges and address operational issues.
Technologies and techniques for optimizing recovery have progressed far beyond when many mature reservoirs were first assessed decades ago. As a result, there are vast opportunities to increase recovery by 5, 10 or even up to 15% through improved or enhanced oil recovery. In fact, by 2021 over 40% of global oil production will be due to enhanced oil recovery (EOR).
Halliburton also reevaluates well logs and seismic data using new tools and techniques designed to pinpoint pockets of bypassed pay. The objective: identify remaining reserves, develop infill-drilling programs, and pinpoint opportunities for enhanced recovery.
Reservoir EOR Solution
Increasing NPV 300%
Current average worldwide oil recovery factor is 35%; increasing just 1% represents more than a year of worldwide consumption. Therefore, with the current oil price scenario, Enhanced Oil Recovery (EOR) is very attractive for Operators as a method for increasing reserves, production and final recovery. Halliburton Consulting is uniquely capable of generating successful studies that cover all flooding project phases, from EOR methods screening to the design of the monitoring and control program for pilot and full-field deployment. These studies include thermal, chemical and miscible gas methods, along with waterflooding and have led, one case to increase the NPV of a field by 300%.
The common denominators of each phase of our EOR studies are: integration of solutions, risks estimation and definition of mitigation actions and, identification of supplementary technology needs. The starting point is the asset’s current status evaluation and the identification of opportunities for both quick win and optimization of what is already in place. The EOR screening that follows is supported by our Subject Matter Expert criteria. For the ranking, pilot design and full-field deployment design we use proprietary, as well as third party software. Our proprietary stochastic machine can couple with common commercial spreadsheets, material balance and reservoir numerical simulators to generate a unique probabilistic view of all opportunities to optimize all steps of the EOR planning phase.
Cost-effective well abandonment
When economics finally turn against operators, the best way to make money is to stop losing it. When a well or field is no longer covering its operating costs and there is no hope of turning it around, prudence calls for devising the most cost-effective, yet environmentally responsible, well abandonment strategies possible. This represents another one of Halliburton’s areas of expertise.
Increasing your return on investment and net present value by improving both well and field productivity.