FMS
Forecast Management System
The tool deployment has reduced the time spent in the forecast process by 50% and improved the average forecast accuracy by 40% compared to conventional systems
Production forecasting for oil and gas is one of the most complex and critical tasks in reservoir engineering. It directly impacts field development plans and is essential for reserve estimation and economic evaluation. The process of forecasting undergoes many cycles with different time frames and objectives. It relies heavily on large amounts of historical data previously stored in the form of excel sheets and distributed among many stakeholders. FMS was initially developed to overcome all the challenges associated with the lack of reliable source of data. Automated DCA has been as well implemented to produce different estimates based on three
commonly used models, namely, exponential, hyperbolic and harmonic. Reservoir engineers can select the adequate and relevant historical data by varying the initial start date for the well under consideration. Allowing multiple scenarios based on various models and start date, gives the reservoir engineers the opportunity to select the most accurate forecast. Various ML time series prediction algorithms are also integrated and resulted in 40% improvement in the forecast accuracy over test wells compared to the conventional DCA models.
WELL MONTHLY PRODUCTION FORECAST OF OIL
ADVANTAGES OF ZENN FORECASTING TOOLS