Click here to continue reading this article on the Value of Information that we co-authored with Palantir and which was published in OilVoice on the 1st of September. Palantir used their economic modeling and asset optimization software to determine the economics of Vaca Muerta shale development under four different scenarios, in which the quantity and quality of subsurface G&G information varied.
The conclusion: investing $1,000 per sqkm to acquire and interpret multi-physics data in an attempt to highgrade acreage and identify sweet spots has a 10x ROI and roughly doubles the resource additions from the 30 well program.
Last week, NEOS joined 350 other companies, government agencies, and research and educational institutions at the 84th Annual Meeting of the Society of Exploration Geophysicists (SEG). NEOS exhibited from a new booth on the exhibition show floor featuring, for the first time ever, a booth theater.
Various presentations were delivered within the theater on an hourly basis during each day of the conference, providing visitors with overviews of our Multi-Measurement Interpretation (MMI) methodology, the technologies that underpin it, and the applications of MMI on various projects around the world.
In coming weeks, NEOS will be featuring narrated versions of the presentations on our blog, our web site, and various social media outlets including Facebook and LinkedIn.
Below is the first presentation in the series, an Overview of NEOS and Multi-Physics Interpretation as applied in oil & gas exploration. You can access it by clicking here or on the image below.
To access the NEOS events’ web page for this year’s SEG, click here.
Both E&P operators are credited with delivering best-in-class results on wells recently drilled and completed in these unconventional plays.
In the case of Shell, two deep wells (14,500′ and 15,500′) drilled into the Utica formation in Tioga County, Pennsylvania delivered flow rates (according to Shell’s press release), “comparable to the best publicly announced thus far in the emerging Southeast Ohio Utica dry gas play.”
One of the wells had peak production of 26.5 million cubic feet per day.
By way of comparison, one of Appalachia’s largest E&P operators uses an IP of ~5 MMcf/d in their type curve for nearby Marcellus wells, so we are talking about wells that are 5x as productive as the typical well in the neighborhood!
To read the 3 SEP press release announcing Shell’s Utica gas discovery in Tioga County, click here.
To learn more about NEOS’s multi-measurement interpretation work in Tioga County, visit:
[pullquote align=”right” textalign=”left” width=”100%”]According to Shell’s Upstream Americas Director, Marvin Odum, “This discovery is the result of solid technical work in our onshore business.”[/pullquote]
In the case of ExxonMobil, the company announced a Vaca Muerta discovery back in May. This particular well “flowed at an average IP (Initial Production) rate of 770 barrels of oil per day.”
Announcements by other E&P operators active in the Vaca Muerta have been made for wells with IP’s of 250-350 BOPD, making the ExxonMobil well 2-3x more productive than the typical high-performing Vaca Muerta well.
To read the 21 MAY press release announcing ExxonMobil’s Vaca Muerta discovery, click here.
To learn more about NEOS’s multi-measurement interpretation work in Neuquen Basin, visit:
In GeoExPro‘s Issue 2, 2014, out this month, a NEOS case study on one of the most dynamic and underexplored hydrocarbon systems, the Neuquén Basin.
…several operators in the region began to look ‘outside of the box’ for a fast and efficient exploration method in which the target shale intervals could be mapped and the most prospective ‘sweet spot’ locations could be identified.
Argentina’s Neuquén Basin is one of the world’s most dynamic and underexplored hydrocarbon systems. Its two principal shale targets – Los Molles and Vaca Muerta – have been rich source rocks for the conventional reservoirs that have been produced in the basin for more than 50 years. With new technologies available for unconventional asset exploration and development, producers are taking a second look at these extremely thick oil- and gas-charged shales. While several seismic and non-seismic datasets have been acquired the coverage lacks uniformity, and no one has been able to integrate the data into a single, actionable interpretation — until now.
NEOS GeoSolutions has acquired high-resolution, airborne geophysical data over 30,000 square kilometers of the Neuquén Basin. Using innovative, multi-measurement methodology, the company has integrated these new measurements with existing well, geological, geochemical, and seismic data available in the public domain, from third parties, and from the project’s underwriters. NEOS designed the Neuquén survey to provide the project’s underwriters with an enhanced basement-to-surface understanding of the basin and its potential.
Initially, high-resolution hyperspectral imaging was acquired to map the regional lithology, the total organic carbon (TOC) of the target shales, and oil seeps and indirect hydrocarbon indicators on the surface. A second work stream generated 3D models constrained by the structural aspects of existing seismic lines, available well data, and newly acquired gravity and magnetic measurements. These models provided useful exploration insights by depicting isopachs, burial depth, depth-to-basement, and proximity-to-intrusives for all target shale horizons…
To continue reading the rest of this case study (or to view more case studies from the Unlock the Potential series), click here.