Optimization of new oil projects search and assessment in Zarubezhneft JSC

UDK: 622.276
DOI: 10.24887/0028-2448-2017-4-10-16
Key words: new assets search, projects assessment, efficiency, optimization
Authors: S.I. Kudryashov, A.F. Ismagilov, I.G. Khamitov, V.A. Smyslov, K.A. Sedykh, A.A. Kozhemyakin (Zarubezhneft JSC, RF, Moscow)

Currently oil and gas companies have to increase their assets portfolio in order to maintain stable and intense development. The process of search and valuation of new projects has become a common practice of both VINC (Vertically-Integrated Oil Companies) and smaller participants of the industry.

The article describes the process of search and valuation of new assets in Zarubezhneft JSC. Three main components determine its efficiency: processes, specialists and tools. The concept of direct search for new projects, integrated asset valuation and search for potential opportunities (upsides) is described. The structure of the process, management of human resources at different stages (search, valuation) and tools (methods and software) which are used in tasks solution, are presented.

The concept that is used by the Company is formalized and tested on numerous real projects (assets both at geological exploration stage and at brownfield stage).

The article contains practical examples of effective search and valuation of new projects. In particular, one of the priority regions of the Company is considered The Middle East, and traditional region of presence Southeast Asia offshore. The article provides real examples of valuation, as well as optimization of projects by searching for upsides at different levels and sectors. For example, Company's experience in preparing a full-scale project for the development of fields (Master Development Plan, MDP) for the asset in the Middle East is noted. An example of realization of projects upsides by cluster approach and integrated assessment is described.

In conclusion, it should be noted that the concept of search and valuation used in Zarubezhneft JSC allows to effectively run this business process. The Company is constantly improving its methods and approaches due to permanent changes in oil and gas industry. Future prospects for the development of new projects search and valuation process are considered.

References

1. Garcia-Blanco M.T., Seltzer R.N., Chernacov A., Laria G., Mature-asset expertise, SPE 135239-MS, 2010.

2. Chorn L., Bharali N., Murali K., Appraisal and valuation for proven shale play acquisition opportunities, SPE 169829-MS, 2014.

3. Khasanov M.M., Ushmaev O., Nekhaev S., Karamutdinova D., The Optimal parameters for oil field development (In Russ.), SPE 162089-RU, 2012.

4. Khasanov M.M., Sugaipov D.A., Ushmaev O.S., Development of cost engineering in Gazprom Neft JSC (In Russ.), Neftyanoe Khozyaystvo = Oil Industry, 2013, no. 12, pp. 1416.

5. Downie A.A., Salazar A., Monsalve M. et al., Integrated Asset Model in Camisea, SPE 142936-MS, 2011.

6. Tesaker O., Arnesen D., Zangl G. et al., Breaking the barriers The Integrated Asset Model, SPE 112223, 2008.

7. Charles C., Okafor breaking the frontiers for effective flow assurance using Integrated Asset Models (IAM), SPE 149537, 2011.

8. Talabi O.A., Nitura J.T., Rodriguez N.J. et al., Modelling pipeline and choke optimization for improved gas field production using an Integrated Asset Model: A case study, SPE 175549, 2015.

9. Ageh E.A., Adegoke A., Uzoh O.J., Using Integrated Production Modeling (IPM) as an optimization tool for field development planning and management, SPE 140625, 2010.

10. Kudryashov S.I., Afanas'ev I.S., Dashevskiy A.A. et al., Integrated approach to oil and gas producing enterprise rates planning in Zarubezhneft JSC (In Russ.), Neftyanoe Khozyaystvo = Oil Industry, 2015, no. 12, pp. 144148.


Currently oil and gas companies have to increase their assets portfolio in order to maintain stable and intense development. The process of search and valuation of new projects has become a common practice of both VINC (Vertically-Integrated Oil Companies) and smaller participants of the industry.

The article describes the process of search and valuation of new assets in Zarubezhneft JSC. Three main components determine its efficiency: processes, specialists and tools. The concept of direct search for new projects, integrated asset valuation and search for potential opportunities (upsides) is described. The structure of the process, management of human resources at different stages (search, valuation) and tools (methods and software) which are used in tasks solution, are presented.

The concept that is used by the Company is formalized and tested on numerous real projects (assets both at geological exploration stage and at brownfield stage).

The article contains practical examples of effective search and valuation of new projects. In particular, one of the priority regions of the Company is considered The Middle East, and traditional region of presence Southeast Asia offshore. The article provides real examples of valuation, as well as optimization of projects by searching for upsides at different levels and sectors. For example, Company's experience in preparing a full-scale project for the development of fields (Master Development Plan, MDP) for the asset in the Middle East is noted. An example of realization of projects upsides by cluster approach and integrated assessment is described.

In conclusion, it should be noted that the concept of search and valuation used in Zarubezhneft JSC allows to effectively run this business process. The Company is constantly improving its methods and approaches due to permanent changes in oil and gas industry. Future prospects for the development of new projects search and valuation process are considered.

References

1. Garcia-Blanco M.T., Seltzer R.N., Chernacov A., Laria G., Mature-asset expertise, SPE 135239-MS, 2010.

2. Chorn L., Bharali N., Murali K., Appraisal and valuation for proven shale play acquisition opportunities, SPE 169829-MS, 2014.

3. Khasanov M.M., Ushmaev O., Nekhaev S., Karamutdinova D., The Optimal parameters for oil field development (In Russ.), SPE 162089-RU, 2012.

4. Khasanov M.M., Sugaipov D.A., Ushmaev O.S., Development of cost engineering in Gazprom Neft JSC (In Russ.), Neftyanoe Khozyaystvo = Oil Industry, 2013, no. 12, pp. 1416.

5. Downie A.A., Salazar A., Monsalve M. et al., Integrated Asset Model in Camisea, SPE 142936-MS, 2011.

6. Tesaker O., Arnesen D., Zangl G. et al., Breaking the barriers The Integrated Asset Model, SPE 112223, 2008.

7. Charles C., Okafor breaking the frontiers for effective flow assurance using Integrated Asset Models (IAM), SPE 149537, 2011.

8. Talabi O.A., Nitura J.T., Rodriguez N.J. et al., Modelling pipeline and choke optimization for improved gas field production using an Integrated Asset Model: A case study, SPE 175549, 2015.

9. Ageh E.A., Adegoke A., Uzoh O.J., Using Integrated Production Modeling (IPM) as an optimization tool for field development planning and management, SPE 140625, 2010.

10. Kudryashov S.I., Afanas'ev I.S., Dashevskiy A.A. et al., Integrated approach to oil and gas producing enterprise rates planning in Zarubezhneft JSC (In Russ.), Neftyanoe Khozyaystvo = Oil Industry, 2015, no. 12, pp. 144148.




Attention!
To buy the complete text of article (a format - PDF) or to read the material which is in open access only the authorized visitors of the website can. .

Mobile applications

Read our magazine on mobile devices

  Google play

Press Releases

24.09.2020
09.09.2020
03.09.2020