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Version 9.2 of PetroVR 2011 Offers New Capabilities and Numerous Enhancements

Posted on by Author Jeremy Jordan in Categories SmalltalkTags ,

PetroVR, which is short for Petroleum Ventures and Risk, is a product that was introduced by Caesar Systems in 1997. Today, it is fast becoming the industry standard for the integrative development planning of hydrocarbon opportunities around the globe. PetroVR has helped major oil and gas companies such as Shell, ConocoPhillips and BP gain greater confidence in their decision processes in addition to helping them integrate risk assessments and capture/transfer knowledge to the next generation of E&P (Exploration and Production) decision-makers.

With user requests driving the PetroVR development strategy, version 9.2 of PetroVR 2011 is complete, and it includes 13 new capabilities and 381 enhancements to existing capabilities, with cost visibility for asset decisions topping the list.

Exploration and production companies seeking to accelerate to production with cost visibility for decisions receive a power boost with PetroVR 2011 (9.2). Major enhancements in this release are grouped in these areas:

Transparent – User feedback cites the importance of visual displays for more transparent understanding of a petroleum E&P business system. Version 9.2 builds on this strength with four new capabilities:

  1. Well abandonment cost visibility
  2. More flexible rig allocations in well interventions
  3. New runtime variables express periodic CapEx and OpEx in the FML
  4. New control options for facility cloning

Consistent – Four enhancements give more flexibility in modeling without sacrificing the control to set consistent rules, such as:

  1. Enhanced sensitivity inputs with a new-look Tornado graph
  2. Detecting and reporting unused, user-defined variables in the status tab
  3. A variables report that reveals the complete detail of user-modified variables for QA/QC
  4. Flexibility in user-defined variables in the portfolio tool

Easy to Use

  • Drag-and-drop any input variables from any tab to the function editor.
  • Display facility descriptions as tool tips by clicking on a facility in the surface layout.
  • One-step selection of multiple items to import from edit menu to an Econ Model.

Integrative

  • Box plots offer more options in probability percentiles.
  • More choices for cluster combinations in Monte Carlo results.

Additional Information

  • To read more about what’s new in PetroVR 2011, click here.
  • To read highlights via the PetroVR Blog, click here.
  • To watch the video, click here.
  • To download version 9.2 of PetroVR 2011, click here.
  • For information about accelerating your business with PetroVR, e-mail Caesar Systems by clicking here, or call +1 281.598.8811.

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