“I have never been so excited for a new technology, said Zhixiang (Bill) Jiang, President and CEO of OPT. “WellWizard™ with Dynamic Nodal Analysis represents the next level in the oil and gas production optimization technology
Houston, TX (PRWEB) September 30, 2015
Optimization Petroleum Technologies, Inc. (OPT), a leading global provider of petroleum engineering software solutions, today announced the release of WellWizard™ with Dynamic Nodal Analysis ™, an innovative new technology for the precise analysis and rate prediction of oil and gas wells. The first software of its kind, WellWizard(TM) goes above and beyond standard decline analysis tools to provide the precise cause of oil and gas well production rate declines. Powerful and easy-to-use, WellWizard™ also simplifies the complicated task of developing accurate oil and gas well production forecasts over time using different variables
WellWizard™ is the newest module of OPT’s integrated production modeling and production optimization product line, PEOffice®.
Beyond standard production decline analysis tools
For engineers, understanding production rates and patterns in wells, and having the ability to predict rates under different production scenarios is an absolute must. It is a known fact that production rates in wells change over time. There are various causes for these rate changes, such as reservoir pressure variations, formation damage, and pump leakage in an oil well or liquid loading in a gas well. Sometimes, these variations are due to a single factor. However, much of the time, rate changes are caused by a combination of many factors. Determining the precise cause of a production decline can be a time-consuming and tedious task. Using WellWizard™, engineers can directly and precisely determine the actual causes of production variation.
Taking Arps decline curve analysis to a new level
Currently, Arps decline curve analysis is the most commonly used method predict well production rates over time. With this method, the rates forecasted are based on the variation pattern and analyzed by matching historical data. If the production conditions are the same as with previous conditions, the prediction will generally be good. But too often, an engineer must forecast production rates over time, with very different conditions. Using WellWizard™, engineers can more easily, quickly and accurately forecast oil and gas well production rates over time using many different conditions.
“I have never been so excited for a new technology," said Zhixiang (Bill) Jiang, President and CEO of OPT. “WellWizard™ represents the next level in the oil and gas production optimization technology. With timely and precise knowledge of the causes of a well’s production change, operators can take necessary measures to mitigate negative well issues, then, quickly, easily, and cost-effectively improve well production. With more precise predictive improvement of well’s production, overall well and asset management improves. I believe that WellWizard™ has the potential to become a new standard in oil and gas well production analysis and prediction software solutions.”
Here is a sample of some oil and gas well management issues that can be easily diagnosed using WellWizard™ with Dynamic Nodal Analysis:
- Liquid loading in a gas well
- Formation damage in oil wells
- ESP effectiveness decline
- Production matching for different conditions
WellWizard™ with Dynamic Nodal Analysis Technology is available now. For more information, to schedule a demo, or to get pricing for your organization, please visit http://www.optpt.com or call +1-713-785-6622.
About Optimization Petroleum Technologies, Inc. (OPT)
Founded in 1998, OPT is the world's leading supplier of oil and gas field management software and consulting solutions. With over 50% of the market share in China, PEOffice® is considered the de facto standard solution for oil and gas field management at China's top oil and gas companies including CNPC, Sinopec, and CNOCC.
OPT makes managing oil and gas fields easy. Our solutions provide customers with the power to visualize, characterize, analyze, diagnose, and manage oil and gas fields like never before. OPT’s flagship software solution, PEOffice®, is a fully integrated, flexible reservoir management and production optimization software solution that offers unsurpassed innovation, functionality and easy-to-use utilities for the management of oil and gas fields.
Headquartered in Beijing China with offices in Houston, Texas, OPT helps customers worldwide optimize oil and gas field management. Contact OPT at +713-785-6622 or visit http://www.optpt.com for more information.
PEOffice® and WellWizard™ are trademarks of Optimization Petroleum Technologies, Inc. in the United States and other jurisdictions. All other company and product names may be trademarks of their respective companies.