The recent SPE Section 103 Technical Meeting was an interactive session, packed with useful information. The audience were from the oil & gas industry and academia.
Mr Fidelis Tendo, Managing Director, CypherCrescent UK was pleased to share his wealth of experience on the theme “Generalised Revenue Model for Realistic Production Forecast” with the audience.
He emphasised the importance of effective production forecast to support investment decisions/planning in the E&P business. He also explained the necessary steps for achieving reliable production forecasts. Mr Tendo stated that a proper business forecasting model should recognise technical and non-technical production constraints. Such constraints include economic, commercial, regulatory, environmental and social elements. He highlighted the importance of innovative technologies in enhancing the reliability of forecasts in complex models.
Furthermore, he introduced an innovative digital forecasting tool, SEPAL Business Forecasting Solution (SEPAL BFS). CypherCrescent developed SEPAL BFS to help companies improve their forecasting processes and results. Mr Tendo explained the enhanced functionalities within SEPAL BFS that digitally apply physics-based prioritisation; it identifies, tracks, ranks and applies all parameters to generate reliable, transparent, auditable, repeatable and scalable business forecasts for informed investment decisions.
SEPAL BFS recognises the integrated production system, scheduled/unscheduled production deferments and revenue considerations in formulating business forecasting models.
Mr Tendo concluded, “SEPAL BFS was developed to close existing efficiency gaps in business forecasting by offering a generalised and integrated physics-based revenue model". It helps oil and gas companies to deliver reliable and realistic production forecasts.”