Converting our understanding of the reservoir to economic projections based on various production scenarios is the final phase in the Fram evaluation workflow. This is accomplished using GeoX™ software which is a multiple target, full-cycle economic analysis tool based on Monte Carlo simulation predictions. GeoX allows us to identify the range of economic outcomes for any given case.
We also use GeoX software for risk assessment, both geological and economic to achieve better portfolio management and reservoir optimization. Importantly, the process enables systematic assessment of exploration versus production cases, and this provides the company with a methodology to revise its development strategy on a continuous basis and, if necessary, to refocus its plans to obtain improved economic performance.
The objective of the Fram technology process is to reduce data uncertainty and maximize returns from investments while minimizing risk. The more insight we have on each geologic system, and all its critical variables, the more confident we can be about the hydrocarbons it will yield when exposed to the drill bit.
GeoX™ is a trademark of GeoKnowledge