Production Forecasting: How To Make Accurate Predictions For Better Operations

It’s no secret that today’s engineers are responsible for more wells. Forecasting production can be tedious, but good predictions inclusive of uncertainty are a prerequisite to efficient operations. Using surveillance by exception, reducing deferred production, and making timely field interventions all depend on having current and unbiased production forecasts for operations.

In this webinar, Scott Raphael, P2’s Vice President of Production Operations, will discuss a new approach to forecasting production and the positive impacts it has on operations and engineering personnel. Using this approach, operators and non-operators alike benefit from:

• An automated forecasting solution, which allows engineers to devote more time to solving problems.
• Unbiased predictions, which provide a better basis for understanding and reducing deferred production.
• Fully probabilistic profiles, which present better boundaries in exception based surveillance workflows.
• Grouped forecasts with correctly aggregated uncertainties, which improve the timing of well/network/compression upgrades in capacity planning workflows.