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PROJECT

Integrated Development Plans

We developed a customized and standardized technological solution that allows the construction and evaluation of Integrated Development Plans (PID) of an oil company. To achieve this, we carried out the conceptualization process to understand the components of an IDP such as: equipment, drilling and production restrictions, surface and subsurface information, time and costs. Based on this we identified the data analytics strategies for the solution of the problem in such a way that: i) we were able to propose a vision of the solution that allows us to specify the business requirements and ii) we created a product that responds to the needs of the organization.

Approach

The implemented solution has two important models for the solution of the problem. The first consists of a technical model, which generates development scenarios according to possible decisions of interest for the different oil fields. Here the production time restrictions of the wells are considered, as well as the uncertainties associated with the uncertainties in time and cost.

The second model is the economic model, which performs the financial valuation taking into account the production profiles and the Capex and Opex objects of the analytical model for the fields defined in a development scenario.

Results

The Company's Integrated Development Plan leaders have a standardized solution to build and validate Integrated Development Plans. Additionally, it allows the business to have clarity regarding the representation of uncertainty and its propagation on the times and costs of well production. Finally, the tool is supported by a robust mathematical formulation that allows the simplification of the combinatorial problem.

“ One cannot help having the gut feeling that a real understanding of our universe must somehow involve E_8 [a Lie group comprising a system of 240 vectors in 8–dimensional space] ”
Bertram Kostant
“ Just as the ability to devise simple but evocative models is the signature of the great scientist so overelaboration and overparameterization is often the mark of mediocrity ”
G. Box
“ Thus mathematics may be defined as the subject in which we never know what we are talking about, nor whether what we are saying is true ”
Bertrand Russell
“ In truth mathematics can be called the Pleasure Garden of the myriad forms, the Erudite Ocean of Hundred Schools of Philosophy ”
Xu Guangpi
“ Sometimes attaining the deepest familiarity with a question is our best substitute for actually having the answer ”
B.Greene
“ Since all models are wrong the scientist cannot obtain a “correct” one by excessive elaboration. On the contrary following William of Occam he should seek an economical description of natural phenomena ”
G. Box
“ Applied mathematics is the bridge connecting pure mathematics with science and technology ”
Prager
“ The moment will come when the sun will shine only on a planet of free men, knowing only reason as their master ”
Codorcet
“ Mathematics is like sexual pleasure, orgasm, only lasting longer ”
André Weil
“ I have finished a monument more lasting than bronze and higher than the royal structure of the pyramid ”
Scarf
“ The eternal mystery of the world is its comprehensibility ”
A. Einstein
“ ..ten thousand years from now there can be little doubt that the most significant event of the 19th century will be judged as Maxwell’s discovery of the laws of electrodynamics ”
R. Feynman
“ Truth and Clarity are Complementary ”
Niels Bohr
“ Applied mathematics is not a definable scientifc field but a human attitude ”
Courant
“ Everything should be made as simple as possible, but not simpler ”
A. Einstein
“ The simplicities of natural laws come through the complexities of the language we use for their expression ”
Eugene Wigne
“ It is the glory of science to be of no use…[its true aim]… is to honor of the human spirit ”
Carl Gustav Jacobi
“ Every problem in the calculus of variations has a solution, provided the word solution is suitably understood ”
D. Hilbert
“ We have found that where science has progressed the farthest, the mind has but regained from nature that which the mind has put into nature. We have found a strange foot–print on the shores of the unknown ”
Eddington
“ Reason is, and ought to be the slave of the passions ”
David Hume
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