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PetroVR 2021 Release Announcement

PetroVR 2021 Release Announcement

Connected Workflows Reduce Decision Making Time and Improve Reporting Outcome Quality

Supporting data-driven decisions is key to success in the modern digital era. Providing meaningful data that can support those decisions is the difference between profitable leaps forward and taking less favorable actions. Compartmentalized workflows between teams no longer cut it especially in the modern era of the energy industry that relies on greater collaboration between an asset and corporate planning teams. Ad-hoc spreadsheets prevent efficient data communication and roll-ups to management that depend on reliable data. PetroVR 2021 further promotes collaboration among separated teams and eliminates inaccurate data points by easily connecting people with trustworthy data.

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PetroVR 2021 Feature Updates

PetroVR 2021 addresses major development planning challenges. The latest release of the software allows companies to break down the artificial organizational barriers between teams that can manifest as inaccurate data points, out-of-date spreadsheets or simply a lack of sharing between departments.

Enhanced Economics-as-a-Service support improves connections between Aucerna PetroVR and Aucerna Economics to bring full-fidelity financial calculations to light for improved accuracy and time to decision value. It provides complete control on how to define assets and sub-projects when calling Economics as a Service (EaaS) by enabling the inclusion of PlanningSpace modules as hierarchy nodes inside EaaS modules, allowing for easy migration for existing users of our previous integration and any pre-processing requirements to shape your economic entities.

Included in this latest feature update are options for Economic Limit Calculations to enable better control of downstream calculations when sending PetroVR models for evaluation to Aucerna Economics. The economic limit of a project may now be set either to the end of the simulation or alternatively, for automatic evaluation based upon maximized cashflows as per Aucerna Economics calculation processes.

Furthering the power of this connection is the new ability to batch publish all scenarios simultaneously to Aucerna Dataflow. As a result of these new capabilities, teams can share production and economic data for the most accurate depiction of reality and decrease the time between asking and answering the questions.

PetroVR 2021 adds the ability to import wells and their details created in Val Nav including multi-segment declines to streamline populating and updating your model. Added functionality of merging information from each of these tools across PetroVR prevents errors and saves time exponentially. We have also introduced Excel reports specifically designed to be used as import templates in ValNav. You will be able to export curtailed production and costs from PetroVR wells and facilities.

Complex model handling has been completely transformed in PetroVR 2021. New in this release comes the ability to run several scenarios simultaneously. Enabling teams to perform complex modeling concurrently by processing in parallel utilizing all the CPU cores of your machine rather than individually evaluating each scenario sequentially. Your teams can also manage multiple projects and continue their input & analysis processes whilst another project is being evaluated for greater flexibility to perform pending work and focus on analysis. To enable scenarios to run even faster, we included the ability to run the Base Case in Multi-Core alongside its scenarios.

We were also able to introduce enhancements on model validation speed, and this will be noticeable when managing large models, considering that PetroVR checks the whole model both at the opening and before running the simulation. Contact your Quorum Representative to access the latest module and obtain the updated licensing required for this new functionality.

Save time when running economic sensitivities on your projects with improved Result Save Files, enabling you to immediately evaluate economic adjustments on project open, without having to re-evaluate the production simulation.

We are excited for this release to make your experience even better. Check out the latest version to access all the enhancements. If you have any questions, reach out to us by email at any time.

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