Historically, the ability to find new oil reserves and develop them in a cost-effective manner has been a contributing factor to the failure of the industry to improve recovery rates beyond current levels. However, the historic model no longer fits in today’s world.
The industry often has difficulty accurately capturing 1P reserves and is notoriously poor in identifying and capturing 2P reserves and beyond. QRI has a proven track record in the capture of 1P, 2P and even 3P reserves among giant oil fields.
By extracting more oil from existing wells and rejuvenating old ones with new processes, metrics and technologies, the industry can be improved. QRI has developed strategies for exploiting existing reservoirs.
QRI’s proprietary metrics and key performance indicators identify and capture all possible reserves. This occurs through the appropriate use of technology and modern reservoir management best practices.
We identify and capture missed opportunities by targeting Alpha. Alpha is performance both in oil production and reserves that is above what our client’s field can attain by using conventional industry practices. We have a multi-tiered engagement process that allows us to work with our clients in identifying these Alpha opportunities and designing ways to capture them.QRI’s formula for supplemental recovery has created an opportunity to defer abandonment and increase recovery. That translates to billions of dollars in many cases.
This client’s field production forecast was in serious decline. Over an 18-month period, it was forecasted to decline up to 60%.
From QRI’s start date until June 2011, QRI estimated the oil company generated approximately $5.8 billion in incremental revenues. QRI believes that the added value was a result of our recommendations. In addition, QRI added 80 million barrels of incremental recovery without an increase in capital.