Written by: Martin Watson, KBC; John Harley and Clive Abel, Advisian INTECSEA
Integrated Asset Modelling (IAM) processes can be used to quantify and monetize reservoir potential during the concept design process. Through quantification, risks can be mitigated and managed to deliver greater certainty through the concept selection process. IAM can be deployed throughout the hydrocarbons upstream sector to deliver robust field development and concept design solutions with more robust project economics.
IAM offers significant value and potential to identify supply chain cost reductions across the full spectrum of upstream developments, from full field development planning to individual equipment item modifications. The process offers particular value in development planning; in identifying and assessing sensitivity options and in definition of the optimum concept.
Full IAM incorporates expertise in reservoir, flow assurance, facilities and project economics expertise into a single integrated asset model. The process defined here is most effective as it is built upon integrating industry and in-house software, a combination of which facilitates Life of Field analysis to be carried out within a single package. The process offers unparalleled speed and flexibility in identification and analysis of concept design sensitivity cases. The IAM approach offers significant advantages and benefits to operators in addressing the three main reasons for destruction of project value; poor estimation of reserves, schedule overruns and cost overruns.
This IAM process is configured for fast and robust evaluation to ensure the right decisions are made at the right time based on the right information. The process will therefore preserve project value for operators and reduce the risk of value erosion through over or under engineering, or project recycle.