Abstract:
The exploration and production sector of hydrocarbon is not only highly
competitive but also requires an enormous amount of investment. The world
market today is facing shortage of oil and gas supplies leading to constant
increase of prices, thus the requirement for further new discoveries as well as
prompt decision making has become more important than ever. Most of the
old oil fields are depleting and the new reserves are in difficult and sometimes
almost in inaccessible location for easy exploration and production. Improper
or untimely decision can lead to huge financial losses and may cause
irreparable damage to the formation. For maintaining a competitive edge in
this ruthless market, accurate and efficient information and knowledge is
required in real time or in near real-time environment. For extraction from
existing reservoirs high speed and intelligent simulation solution becomes a
critical factor. Under this highly complicated scenario Exploration and
Production (E&P) companies requires to utilize and implement information
technologies to streamline their processes as well as for efficient, accurate
timely decision making.
