How one of the world’s largest energy companies embraced modern technology for improved decision making
At a glance
OMV is Austria’s largest energy company, with operations in over 30 countries and close to 20,000 employees. OMV focuses on three main business areas that include Upstream, Marketing & Trading and Refining & Petrochemicals Operations. OMV’s Upstream has a strong base in Central and Eastern Europe as well as a balanced international portfolio, with the Middle East & Africa, Russia and Asia-Pacific as further core regions. The company reached a daily average production of 487,000 boe/d in 2019.
To strengthen its competitive advantage, OMV invests in modern, digital technologies in order to become more agile, fit for the ever-changing market requirements and make more impactful investment choices.
Challenge: Improving quality in the maturation of development projects
OMV sought to achieve better efficiency and effectiveness in its business processes. Driven by a desire to improve decisionmaking quality and to enhance the completeness of its E&P hydrocarbon maturation process, OMV searched for a software solution that could:
- Rethink how to connect the various technical disciplines involved in the maturation efforts of its E&P development projects.
- Be easily adopted by the business and include access to relevant training and support when needed.
- Integrate seamlessly with PlanningSpace™ – Aucerna’s next-generation cloud planning platform, to enable economic evaluation throughout the project maturation process.
- Enable probabilistic evaluation to factor in more project risks and uncertainties.
Solution: Solving complex issues with PetroVR
Through close collaboration with Aucerna consultants, OMV identified PetroVR as the ideal solution for their needs. As a widely-adopted technology for integrated evaluation of E&P projects, PetroVR solves a wide range of issues, including:
- Allowing users to generate multiple scenarios to evaluate asset or field development options, and better understanding of the relevant trade-offs.
- Accounting for risks and uncertainties in the project maturation process using a complete stochastic engine.
- Enabling OMV’s E&P professionals to understand the risks and rewards of various technical development options while considering the impact of multiple constraints.
- Identifying the main value drivers and accounting for uncertainties in the field development decisions.
- Solving complex problems, using simulation and optimization techniques that allow users to understand the impact of changes in reservoir size, facility capacity, rig schedules, and export options.
- Giving corporate-level planners greater insight into how each asset can contribute to company objectives at the portfolio level.
- Providing a standard methodology that enables greater consistency, higher quality analysis, and results reporting across multiple assets.
- Supporting OMV’s goal of becoming a truly data-driven company.
- Integrating natively with Aucerna’s Cloud Planning Platform - PlanningSpace™.
“I enjoy the openness & flexibility of PetroVR and its integration with PlanningSpace™.” - Gerald Antes, Senior Development Manager at OMV
Results: A robust and scalable E&P development modelling solution
After the deployment of PetroVR, OMV’s asset-level planners, engineers and economists were able to reap benefits such as:
- Allowing development and exploration teams to leverage economics modeling in PlanningSpaceTM, avoiding duplication of efforts, and ensuring company-wide consistency.
- Transparent comparison of alternative development scenarios.
- Better accounting for risk and uncertainties in the decision-making process with full Monte Carlo functionality.
- Building maintainable models that are simple, modular, more accurate, and easier to understand than large, complex spreadsheets.
- Being able to visualize system wide constraints, pinpoint value, and accelerate to production.
- Having the flexibility to capture data from third-party sources into PetroVR, allowing teams to build smarter models.
Advanced capabilities that improve decision making
PetroVR is a powerful full cycle asset exploration and development simulation system that gives E&P companies a simple but intuitive way to visualize, understand and communicate the trade-offs related to major asset level decisions.
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