R3 Economics Overview
R3 Economics is a powerful petroleum economics software program that simplifies data management, reserves forecasting and the business-decision challenges faced by oil and gas companies. It provides a consistent and comprehensive economics solution that ensures compliance with PRMS as well as the most rigorous governing body standards, so you can:
- Forecast in actual calendar days of the month, instead of average days.
- Quickly run and re-run reports without the need to re-process all the cases each time.
- Have the appropriate tools to empower decisions from asset teams to executives.
- Provide unified access to asset economics, reserves, forecasts, reports and drilling schedules.
- Create economics for acquisition and divestiture, partnership, predrill, and completions analysis.
- Quantify and assess portfolio uncertainty to achieve greater business performance and profitability.
- Leverage the advanced power of analytics applications to enable insight and informed decisions.
- Design and automate workflows to drive productivity.
Petroleum Economics Software
For 40 years the high-performance economics and database engine inside R3 Economics has been trusted to deliver accurate and consistent results by some of the world’s largest oil companies. The re-architected and re-designed user experience adds new levels of customization, productivity and analytic analysis to economic and reserves management.
The flexible, configurable tree hierarchy can navigate and track assets by:
- Location data
- Asset or facility info
- Custom fields
- Existing or custom economic models and scenarios
Decline Curve Analysis and Forecasting
Do you have all the tools you need to compare results from year to year? Does your DCA tool facilitate fast and precise editing of your decline curves?
Our intuitive, user friendly decline curve analysis tool will help you attain new levels of productivity, so you can:
- Review previous forecast vs actual production.
- Create conventional and unconventional decline curve forecasts using Arp’s, Doung, hyperbolic, stretched exponential and other methodologies.
- Create multi-segment production forecasts.
- Define auto reversion from hyperbolic.
- Quickly switch among multiple analysis templates.
- Utilize P/Z, rate cum, water cut, ratios, custom templates and more.
- Interactively analyze economic limit, EUR and remaining reserves.
Allowing you to:
- Improve forecast confidence using the proper diagnostic tools and the appropriate DCA methodologies
- Create quick, normalized type wells
- Let the type-well utility simplify stochastic generation of probabilistic type wells
Type Wells and Well Scheduling
Would you like to quickly group wells, normalize them and create various type wells?
Type wells can be created using just the history, or the history and forecasts. In addition to creating and saving multiple type wells, you can also create P10, P50, and P90 versions and use any of them with our Well Scheduler tool to quickly develop drilling plans and development scenarios.
Scenarios and Risk
What are the key risk factors which impact your company's projects? How could prices, costs, etc. derail your plans? What can you do to mitigate the risk?
To help you understand key risk factors, R3 Economics provides you a thorough set of stochastic and risk modeling capabilities, so you can:
- Assess and navigate results with sensitivity-analysis tools.
- Understand the uncertainty related to your decisions.
- Quickly evaluate alternative pricing models.
- Create risked financial and production forecasts and evaluate project KPIs.
The enterprise quality database is fully scalable to fit your organization and provides:
- Customizable fields to match unique lease assets, capital, and operating costs from your corporate accounting system.
- Tools for data quality, security and change tracking to provide transparency and confidence.
- Fully customizable security, workflow automation, data entry forms, database fields, ODBC linking and SQL scripting.
R3 delivers connectivity, tracking, decision documentation and 3rd party integration that allows you to:
- Easily define custom costs, investments, product phases and partnerships.
- Customize economic input forms and create workflow automation.
- Directly link financial, production or other corporate SQL databases.
- Implement server configurations with commercial SQL databases.