American Oil and Gas Reporter - January 2017 - 54
Outlook 2017
are the various types of data that can be incorporated into an
analysis? How much preparation is required to integrate those
data? How can operators gauge the quality of available data so
they can have confidence in the results while assuring compliance
with applicable regulations and standards?
RUSSELL: In all cases, I recommend examining both the seller's proprietary data (from the data room) and public data to ensure consistency. Any discrepancies should be questioned. It is
important to understand the limitations of whatever datasets are
being used. For example, if it is public data, the evaluator should
know whether the data are reported by well or reported by lease
and then arbitrarily allocated to wells.
The buying company also needs to determine how much confidence can be placed in forecasts from only monthly production
data by comparing those forecasts in some wells to forecasts from
full datasets, including daily allocated and well test production
data as well as pressure data.
Also, it is always useful to "sense-check" the data to find anomalies, either real in the reservoir or artificial in the data. A quick screen
using a "data view" mapping of key data parameters is helpful.
Understaffing is a reality in today's market, and that can make
it difficult to do a good job of screening data quality. To compensate for this, I would use the Pareto principal to look at the wells
with 80 percent of the producing value. As part of the due diligence, I would scan well files and completion reports for disturbing trends.
I also would have discussions with engineering staff to gauge
their level of experience and competence relative to my own company. And finally, I would do a sensitivity analysis to define how
much value impact comes from uncertainty in data quality. r
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