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Value Loop

25 April 2018 by Mr. Michael Casper Gunningham

After working in the oil and gas business for o ver 30 years, it’s good to see that something as useful as the Value Loop, is finally being embedded into the process of producing oil and gas. The beauty of the Value Loop is that it can be quite simple: the concept that you collect data, model and analyse it, to identify opportunities, which get executed and we learn from the process, underpins how we do Production Optimisation and Well, Reservoir and Facility Management. It can also be applied to Field Development Planning, although the time frame is much longer. Although the concept is simple, it has been difficult to embed, because we got stuck at the first stage in the past, with finding and verifying data, to trying to visualise it.

Nowadays, the technology has improved so much that field data arrives on our desktop in real time, and we can normally tell very quickly, if not automatically, that it is representative and true. Our new tools allow us to see dashboards, spreadsheets, plots and trends, very quickly, which now allows engineers to analyse and trouble shoot, like they are supposed to do. This allows us as an industry to speed up the Value Loop conveyor belt to identify and execute opportunities much more quickly, so that the business see the barrels in days and weeks, rather than months and years. That is why companies are still making billions, even though the oil price has dropped so much in the last few years.

PetroKnowledge have designed a Well, Reservoir and Facility Management training course that focuses on how to maximise production and recovery in a safe, sustainable, cost-effective manner. By applying this to Production Optimisation as well, this gives you the tools to maximise the value to your company.

To view more details and register for this course, click here or email PetroKnowledge at reg@petroknowledge.com. To view the full PetroKnowledge Upstream Oil & Gas Training courses visit http://petroknowledge.com/category/upstream-oil-gas-training.

 ABOUT PetroKnowledge

PetroKnowledge is the leading Oil and Gas training and Consultancy Company headquartered in Abu Dhabi, and with offices in Aberdeen and Houston. PetroKnowledge works with over 500 international business, in order to deliver technical training courses that help Oil and Gas professionals to enhance their knowledge and skills as well as being kept up-to-date with the latest methodologies and technologies in the Oil and Gas market.

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 Maintenance & Reliability Professionals
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merican Society for Nondestructive Testing
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