Peak hosts world's first probabilistic workshop
Posted: 18 August 2004
International well construction performance management expert, The Peak Group, hosted the world's first well construction probabilistic workshop at the Treetops Hotel in Aberdeen. This was the first in a series of workshops to take place and more have followed in Houston.
Due to the success of The Peak Group's first seminar, where Peak personnel presented groundbreaking work on statistics of offset well data and the features of Monte-Carlo simulation, Shell hosted the second workshop at Woodbank House in Aberdeen.
Following this, The Peak Group held a third seminar in America in the Houston office and had representatives from more than 15 different operator companies present. Being the first one in Houston, the workshop had a wide array of attendees, from drilling contractors to operator personnel, and a large variety of topics were discussed.
The Houston workshop looked at the current status of probabilistic forecasts of well construction time and cost estimation within the oil and gas industry. Also discussed was The Peak Group's recent research on the expected range of outcomes from worldwide drilling data. The session produced several spirited discussions about the future application of probabilistics in the industry.
Andrew Paterson, managing director of The Peak Group, has been overseeing these events and said: "These workshops come as a response to the industry moving towards probabilistics. A thorough appreciation and understanding of what influences performance, the distribution of opportunity and risk, and how to facilitate value focused and objective decision making in respect of technological procedures and contractual operation, is what moves this industry forward.
"As leading providers of probabilistic approaches to well construction, it is crucial that we share our knowledge with other personnel, to increase the general level of understanding and usage in the well construction industry."
The next workshops are being held in October in Aberdeen and one in south-east Asia.
Established in Aberdeen, Scotland, in 1996, The Peak Group has grown rapidly to become a leading supplier of well engineering and operations management services to the global upstream industry. The Peak Group incorporates Peak Well management, Peak Solution Systems and Peak Consultancy Services. The group¹s service portfolio incorporates the provision of full project management solutions from engineering studies through to the provision of individual consultants and well engineering processes. The Peak Group, based in Aberdeen (UK), Perth ( Australia), Houston (U.S.), Jakarta ( Indonesia) and Dubai (UAE) was recognised as one of the UK¹s fastest growing privately-owned companies in a survey commissioned by Real Business magazine.
The company¹s unique campaign modelling software application, C1, is an effective process in the better understanding of risks and the reduction of campaign costs for projects ranging from single well planning to multiple well campaign analysis. The Peak Group¹s P1 software application is an effective tool for the time-cost risk planning of well construction activities.
For more information see www.peak-group.com
Posted by Richard Price,
Editor Pipeline Magazine
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