new technologies speed offshore development

Matt Johnson, a specialist in field development and portfolio optimization at Chevron, highlights the transformative impact of advanced technologies on offshore energy development.

Field development optimization tools, for instance, have significantly reduced project timelines from days to hours, enabling automated workflows that enhance decision-making speed and accuracy.

Chevron pioneered this technology in gas fields off Australia’s northwest coast, using it to forecast development options and economic potentials of offshore fields, potentially accelerating project timelines.

“This workflow employs complex digital reservoir models to estimate hydrocarbon production across various scenarios,” Johnson explained.

In Australia, Chevron leverages these tools to explore alternative strategies for developing abundant gas resources, crucial as production from existing fields declines, necessitating investment in new fields like Gorgon and Wheatstone natural gas facilities.

Advancements also improve existing gas fields by identifying new well opportunities and optimizing existing wells to boost production, vital amid rising global energy demand.

“These technologies streamline field selection and development timing, enhancing cost-effectiveness and reliability,” Johnson emphasized.

Field development optimization software utilizes AI and automation to assess site potential, generating a spectrum of development scenarios and enabling detailed digital modeling of oil and gas reservoirs.

“These forecasts automate hundreds to thousands of development scenarios,” Johnson noted, underscoring their role in refining offshore energy strategies.

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