OMV transforms E&P hydrocarbon maturation process with PetroVR
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.
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.