LIVE WEBINAR: Oil and Gas Production Forecasting for Geo-Dummies

Oil and gas fields need ongoing production forecasts for planning and maintenance purposes and to understand their performance.  Oil and gas production forecasting has long been the domain of production and reservoir engineers.  However, for wells and fields with historical (time series) production data, Geoscientists can provide production forecasts using open source Python software.  Python based production forecasting utilizes a variety of models to derive forecasts – Low, Base & High cases to capture the range of uncertainty.  Time series forecasting is agnostic of physical constraints and provides independent and complementary forecasts to conventional Decline Curve Analysis (DCA) forecasts. If they differ, then why? If not, then there are no concerns.  From the generated forecasts, Anomaly Detection (AD) techniques can be applied to predict production anomalies which can lead to proactive measures being taken (well interventions, etc.).  These forecasting techniques can be rapidly applied to any other time series data such as Bean & ESP pump data.