By Jeff Foster
CEO & President
Currently, operators and service companies are revisiting their strategies attempting to determine how to manage cash and maximize return on capital. We can not know how long the market will remain at this level, but, we are all focused on utilizing our best resources – people, assets and technology to improve ROI at $50-60/ bbl. Operators are continuing to assess how to use technology to more effectively drill and complete wells. At a certain point, our industry will reach maximum efficiency. For example, we are nearing the maximum reduction in drilling days per well, without significant capital investment in new technology. To win in today’s market, refocusing our aim on how to more effectively utilize investments is a must.
In unconventional resources, we know many completion stages are not producing the oil or gas as expected. Therefore, technical resources at MicroSeismic, Inc. are reviewing old completion data with the operators to determine how to lower cost and improve the production from each stage. Here are a few examples:
- Geophysicist team: We are utilizing the microseismic array for active seismic imaging before and after fracturing while acquiring microseismic data during fracturing. This will provide additional insight and validation of the stimulated zones by combining microseismic and active seismic imaging.
- Drilling and completion team: We are collaborating with other service companies to correlate rock properties determined from drilling data to microseismic results. This allows the completion engineer to confidently design an effective perforation strategy to maximize the number of clusters within a given stage, creating a fracture and thus contribute to production.
- Completion team: We are developing an interactive correlation between industry frac models such as Gohfer, Frac Pro, etc. and microseismic events to improve the geomechanical interpretation of the fracture. This improves the understanding of the frac geometry and how to optimize the pump rates and fluid type in the field.
- Reservoir team: We are advancing from monitoring the hydraulic fracture and describing the stimulated rock volume (SRV) to prescribing how to optimize the completion in real time, understand the permeability enhancement from the productive SRV (amount of proppant in place), and impact to EUR from production forecasting.
Operators need to correlate the data from technology and be equipped to make changes real time to improve the effectiveness of their field development. At MicroSeismic, our strategy is to provide evaluation of hydraulic fractures correlated with other data from the drilling and completion cycle to increase our customers’ NPV.
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