A reservoir’s life begins with exploration that leads to discovery, which is followed by delineation of the reservoir, development of the field, and production by primary, secondary, and tertiary means, and finally to abandonment.
The goal of asset management is to maximize economic benefits from an asset by optimizing recovery while minimizing capital investments and operating expenses. A sound management process – setting goal, developing and implementing plan, and monitoring and evaluating performance can achieve this along with integration of multi-disciplinary professionals, technologies, tools, and data. The process is dynamic through the reservoir life.
This Paper Presents:
· A brief review of asset management concepts and process.
· Examples of sound reservoir management practice used to enhance economics in projects at various stages of the reservoir life cycle:
- Development of a newly discovered offshore oil field.