new technologies speed offshore development

Take it from Matt Johnson, a Chevron field development and portfolio optimization specialist: The right technologies can be game changers in the realm of offshore energy development.

In fact, one approach—using field development optimization tools—is cutting down certain timelines from days to hours. These tools are used to create automated workflows that help drive faster, more informed decisions.

This new technology, first tested by Chevron in gas fields off of the northwest coast of Australia, creates forecasts that detail a field’s development options and economic potential. It could help bring offshore developments online faster.

“This workflow uses complex digital models of reservoirs to estimate a range of potential hydrocarbon production,” said Johnson.

In Australia, the technology is helping Chevron generate alternative options for developing the country’s vast gas resources. As production from existing gas fields declines, continued investment in the development of new gas fields is needed to maintain production at the Gorgon and Wheatstone natural gas facilities.

Technology advancements can also bring improvements to existing gas fields. For instance, they can identify opportunities for new wells or suggest changes to existing wells to maximize production.

With global energy demand continuing to grow, energy companies like Chevron are looking to find and develop oil and gas resources more affordably and reliably.

These new technologies are helping reduce cycle time by using data to identify the right fields to develop at the right time and the right cost.

Field development optimization software uses advancements in artificial intelligence and automation to determine a site’s potential and provide a range of development options.

This allows experts to create complex digital models of oil and gas reservoirs. These models can then power new and improved workflows.

“Hundreds to thousands of development scenarios can be automatically generated with these forecasts,” Johnson said.