Deloitte and FOROIL Deploy Digital Oil Recovery(TM) to Increase Recovery From Brownfields
HOUSTON, Nov. 16, 2017 /PRNewswire/ -- Deloitte today announces an exclusive go-to-market collaboration with FOROIL to help upstream clients dramatically increase production and reserves from brownfields - conventional oilfields with more than seven years' operating history - using historic production data, breakthrough mathematical modeling and high-performance computing.
The collaboration brings together FOROIL's patented, tested production-forecasting and field development engines with Deloitte's broad array of consulting and implementation services to assist oil companies in making the most capital-efficient decisions at the field, portfolio and corporate level.
"This technology could have as much impact on the industry as 3D seismic," said Scott Sanderson, principal, Deloitte Consulting LLP. "FOROIL's techniques are advanced well beyond typical big data or analytics capabilities. We believe the combination of breakthrough mathematics, reservoir physics, machine learning and massive parallel computing to create predictive and optimized results is unique in the industry."
FOROIL's solutions are mathematically derived from historic production data, including flow rates, pressure, phase and other diverse measurements; and physical equations. The mathematics describe the dynamic behavior of the reservoir over time, which supplements existing geologic models to provide more accurate production forecasts and extremely rapid analysis. Using seven or more years of production data, FOROIL's patented program forecasts and processes 15 million development plans overnight to help identify the optimal future development plan based on client-defined objectives and constraints. Twenty percent production and reserve increases have been routinely generated with little to no capital expenditures. More aggressive capital programs have generated production and reserve growth greater than 50 percent. Considering 65 percent of the world oil production comes from conventional brownfields, the financial implications of this capability are staggering.
"Deloitte is constantly expanding its digital ecosystem to create greater value for clients," said Janet Foutty, chairman and CEO, Deloitte Consulting LLP. "With FOROIL, we are collaborating with an organization that has a breakthrough approach for using cognitive capabilities to design actionable plans that increase oil production from developed fields while using capital efficiently."
Because FOROIL's development plans are based on the actual response of the field, they are generally less risky, easy to use and run. Therefore the plans can be used as a platform for speed and quality of decision-making across traditional silos from reservoir and wells to surface facilities. Major, national and independent oil companies have successfully deployed Digital Oil Recovery(TM) technology on dozens of programs worldwide and additional programs are ramping up this year.
"Our technology is based on the premise that past data tells a story of the dynamic behavior of the reservoir," said Hugues de Saint Germain, FOROIL's founder and chairman. "But it is an extraordinarily complex story requiring data, mathematics, reservoir physics and computing power. The industry needed a sort of Rosetta Stone to translate that story into actionable and reliable plans, and that is what we provide in a matter of weeks. As a leader in breakthrough digital technologies, Deloitte understands this, and we are excited about working with them to turn huge existing data sets collected for decades by our industry into digital assets, to create incremental production, reserves and shareholder value for our mutual clients around the world."
For additional information, please visit: www.deloitte.com/us/digital-oil-recovery. Connect with us on Twitter: @DeloitteUS; @DeloitteDigital and @Deloitte4Energy.
About FOROIL
Based in Paris, France, FOROIL SAS was founded in 2007 to capitalize on over 15 years of research, modeling and optimization capabilities. Many of our techniques are adapted from the nuclear, defense and other industries, and are now applied to the Oil and Gas industry. Our approach to Oil and Gas optimization has earned three U.S. Patents, and has been published throughout the industry.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including more than 85 percent of the Fortune 500 and more than 6,000 private and middle market companies. Our people work across more than 20 industry sectors to make an impact that matters -- delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
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