The Permian Basin – which covers 75,000 square miles over Texas and southeastern New Mexico – is the most prolific oil and gas basin in the U.S., according to the federal Energy Information Agency (EIA). The basin has produced 29 billion barrels of oil since its discovery in 1921. However, despite this vast production history, its best days are yet to come, thanks to new extraction techniques that are enabling this basin’s continued growth.
The top operators in the Permian seek to utilize the industry’s best technology to achieve their exceptional production results through the use of directional drilling in complex reservoir formations. The growing use of super pads, or multi-well platforms, has added yet another challenge – wells that are in close proximity to one another. This scenario calls for careful and well-informed decision making throughout the asset’s life cycle.
Additionally, operators are now experiencing shrinking workforces, with fewer personnel dedicated to well planning. There is also pressure from mergers and acquisitions to fast-track drilling efforts to produce results. Consequently, exploration and production teams, particularly those in the Permian Basin, need to plan configurations quickly and to optimize assets based on considerations such as well spacing, trajectory, and cost.
These major operators, therefore, have a common need for accurate forecasting and rapid development. Advanced technologies that include intelligent software and smart tools are proving to be invaluable solutions for unlocking tight oil and gas resources. After evaluating their options, more and more top performers in the Permian are adopting the DecisionSpace® Well Planning software as their software of choice.
DecisionSpace Well Planning software helps enable teams to keep pace with ambitious drilling schedules and to meet (and exceed) production goals. With the use of this platform, which uses rapid automation and optimization technology, operators in the Permian Basin can now reduce their planning times from months to days and, in some cases, decrease cycle times by up to 80 percent over traditional manual methods.
More specifically, the DecisionSpace Well Planning software helps operators to generate and evaluate more developed scenarios, thus enabling quick responses to risks, schedule changes, or capital expenditure constraints. And, just as importantly, it enhances collaboration across teams (especially well and field development planners) by integrating all relevant data pertaining to a given pad or platform into just one unified 3D workspace – thus providing a shared view of the target well within the context of a high-resolution, detailed subsurface model. This seamless integration includes spatial GIS data, such as lease and topographic maps, regional and cultural information, and satellite photos.
With DecisionSpace Well Planning software providing some of the industry’s most advanced tools for exploration and production, it’s no wonder that the majority of Permian players are leveraging this new technology to help plan their wells and continually optimize performance.