European Operator in 220 very mature fields with over 10,000 wells shut-in waiting for potential abandonment. Each well was evaluated for re-activation via workover 3-4 times per year via labor-intensive and time consuming well by well reviews.
PetroVisor™ was implemented to initially screen 500 wells for reactivation opportunities. The system integrated over 40 databases (including geologic, petroleum engineering, and reservoir engineering) and artificial intelligence was implemented to propose and evaluate new opportunities each day.
- CapEx efficiency increased by 77% within 2 years (up to 100% within 4 years)
- NPV targets were achieved in spite of oil prices declining by 50%
- The percentage of reactivated shut-in wells increased from 0% to 30% in some fields allowing the operator to defer new well drilling
- Additional solution capabilities & features were added each year
- 200,000 workover candidates were indentified and evaluated