At Euro Knowledge, we provide specialized consulting services to the petroleum industry. Our oil and gas consulting services include geology, geophysics, reservoir engineering, production engineering, and drilling engineering. The most up-to-date techniques, tools, and procedures are always used. But our strongest offering is innovation. We find solutions to unusual oil field development problems. Our oil development solutions always consider economics, feasibility, and timeliness.
Throughout its life cycle from exploration to abandonment, an oilfield requires the participation of many different specialists, working in teams, to make major investment and operating decisions. These decisions must be made under conditions where reservoir data is sparse and uncertainties exist not only about the costs and future performance of the asset, but also with respect to the future price and market demand for the produced oil and gas. Because of the risks, the complexities and the sheer magnitudes of the investments required to develop an oilfield, we divide the analysis and decisions into discrete, sequential stages using a disciplined project management process often referred to as a stage-gate process
There are five stages in this process:
Stage 1 is devoted to the Identification and Assessment of Opportunities. This is essentially the Exploration Process.
Stages 2 and 3 are the Development Planning stages, where many teams of specialists perform feasibility studies in order to define the optimal development plan for the field, including costs, schedule and project economics in order to obtain a Final Investment Decision
Stage 4, the Execution of the Development Plan, (essentially the Field Construction period) takes place.
Stage 5 is devoted to the long-term Management of Production Operations. At this stage, the objectives are to optimize production, improve efficiency and maximize the net present worth of the asset by often making additional investments to recover incremental reserves.