Reservoir characterization provides a better understanding of your assets and a pathway to higher production, reduced risk, and increased profits. A key to improved characterization is better utilization of the existing data that is likely already in the files by cross-linking geological, petrophysical, and engineering analysis for studies designed to solve production problems or to reduce uncertainty.
As our fields age and the easy oil nears depletion, the economic benefits of understanding the reservoirs become increasingly important. Sometimes producers don't have the staff to devote to a project, or smaller companies might not have the specialized expertise necessary for a particular problem. Much of our work is driven by our clients' need for a greater level of knowledge about their reservoirs, so that they can solve problems and improve the profitability of their projects. Successful operators know that the most expensive mistake they can make is to drill even one well in the wrong place, when a reservoir study for a fraction of the well cost could have prevented it.
An important element of risk reduction is in the area of reserves estimates. In times of low oil prices, operators are already facing significant reductions in reserves. Some of those reductions may be recaptured by studies leading to more accurate reservoir characterization, increasing confidence in reported reserves, and potentially a rapid payout on the cost of the study.