New Opportunities Identification Workflow, Pañacocha Field, Oriente Basin, Ecuador

Abstract

Over the years, simulation models have been helping oil companies and stakeholders to make investment decisions. However, these models are not always available to help with the field development planning. A fast and efficient workflow performed for the identification of new opportunities in the Pañacocha field is presented. To start the workflow, a conceptual geological model was identified for each reservoir, based on the available data and nearby analog fields. Quality control, updating and reinterpretation of well top data, petrophysical parameters maps (net pay, porosity, and water saturation), and original oil in place estimations were carried out to identify untouched areas. A total of 45 locations that may still contain oil were identified. For the next step, a decline curve analysis was carried out, and well type curves were generated to determine the estimated ultimate reserves (EUR), drainage area, and recovery factor by well. The range of recoverable oil associated with each location was estimated by varying all the parameters involved in the volumetric formula. Finally, the locations were ranked based on their production potential. The selection of drilling targets included the associated geological and operational risk. A base case, based on the contract minimum commitments, is presented. However, this study shows that a more aggressive drilling campaign is possible. In conclusion, this workflow allowed us to have a better understanding of the field potential. Oil in place volumes and recovery factors were updated. Analysis of produced fluids helped to assess reservoir performance. The economic analysis following this study will help in selecting the best option to develop the field.