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Rosetta End of Internship Presentation
- 1. REDEFINEDBUILDING VALUE IN UNCONVENTIONAL RESOURCES Nick Lance Reservoir Engineering Intern 1
- 2. Introduction • Born in Midland, Texas • Lived in Alaska, Singapore • Sophomore at University of Texas at San Antonio • Mechanical Engineering major • HUGE Texans fan 2
- 3. Only One Texan team! 3
- 4. Overview • Main Project: Create a database for the recently acquired Permian play • Inexperienced with the data compiled • Field trip to the Permian Basin • Inventoried production equipment • Permian Basin capitol inventory • Attended Weatherford’s artificial lift seminar • Compiled wellbore diagrams & reviewed daily reports 4
- 5. Delaware Basin: Permian Prospect 5 • Hour drive west of Midland in Pecos, Texas • Delaware Basin • 62 operated producing wells • 29 non-operated producing wells • 45,042 net acres • 69,501 gross acres Rosetta operated Non-operated Legend
- 7. Database Procedure • Problem: Permian acquisition data in multiple sources • Compiled all wells both op & non op • Double checked with reserves database • Identified information that was to be incorporated • Consolidated data in excel by using various formulas • Land • Production • Geology • Completions • Drilling • Cost information 7
- 8. Land & Reservoir Data • Land • WI/ NRI • Section & block • AFE & API numbers • Used as references • Reservoir • Type curve area • Reserve category 8 Type Curve Area Map
- 9. Geology Data • Bone spring net wet sands • Net pay & isopach • All zones • Total net wet & net pay sands • Recompletion tier • Well review 3rd BS Upper net pay map 9
- 10. Drilling Data • Total depth (TD) & date • Spud date • Type of well • Days drilled • Casing design • Mud weight (MW) at TD 10
- 11. Production Data • Cumulative oil, water, gas produced • 6, 12, 24, 60 months • Average 30 day BOPD & MCFD • Oil & Gas IP • Artificial lift • Gas oil ratio (GOR) 11Date Production(bbl/d) Annie Oakley 23 1
- 12. Completions Data • Top, bottom & total perf • Number of stages • Completion type • Fluid left to recover (LTR) • Total proppant pumped 12
- 13. Database Analysis • Input excel database into Spotfire • Normalize data • Spot trends & determine the reason for outliers • Cost • Time • Production • By area • Operator 13
- 14. Estimated Gross Cost vs. Project Start Date 14 • Comstock’s avg. - $4,595,913 • J Cleo avg. - $3,537,291 • Comstock avg. - $4,634,533 (before 4/1/13) $4,522,429 (after) • Difference - $112,104
- 15. AFE Varience vs. Project Start Date 15 • In 2013, CRK over spent every AFE but one
- 16. Comstock & J Cleo AFE Variance vs. Project Start Date 16 • Comstock Avg. net var - $460,381 • J Cleo Avg. net var - $63,648
- 17. Total Gross Pay vs. Total Net Pay 17
- 18. Total Gross Pay vs. Total Net Wet 18
- 19. 30 Day Avg. BOPD vs. Proppant per Stage 19 • More proppant doesn’t necessarily mean more production • 70% of wells producing above 250 BOPD pumped XL downhole • 35.1% of wells below 250 BOPD pumped XL
- 20. Permian Basin Field Trip • First week at Rosetta Resources • First experience on oil field • Steep learning curve on functionality of equipment • Purpose: Inventory the infrastructure of all wells • Pumping units • Heater treaters & separators • Oil & water storage tanks 20
- 22. Capital Inventory Maps • What is capital inventory? • First assignment on the job • Recorded acreage • Block & section • Number of wells • Drilled or proposed • Horizontal or vertical 22
- 23. Artificial Lift Course • Learned each artificial lift type • How each lift works • Pros & cons of each • See various equipment of each lift • Best parameters for use 23
- 24. When to Use Each Lift? Gas-Lift Plunger Lift Rod Lift PCP ESP Hydraulic Jet Pump Max Depth 18,000 ft 19,000 ft 16,000 ft 8,500 ft 15,000 ft 20,000 ft Max Volume 75,000 bpd 200 bpd 6,000 bpd 5,000 bpd 60,000 bpd 35,000 bpd Max Temp 450 °F 550 ° F 550 ° F 250 ° F 482° F 550 ° F Corrosion Handling Good to excellent Excellent Good to Excellent Fair Good Excellent Solids Handling Good Fair Fair to good Excellent Sand< 40ppm Good Fluid Gravity (° API) >15° >15° >8° 8°<API<40° Viscosity< 400cp >6° Efficiency N/A N/A 45% to 60% 50% to 75% 35% to 60% 10% to 30% 24
- 25. Daily Reports • Learned how to read daily reports • Daily & cumulative cost • Tangible & intangible • Understood daily process of drilling & completing wells • Wellbore diagrams (WBD) • Tycoon 1804H • Lenox 2 2 25
- 26. Recommendations • Reevaluate type curve areas • Fill in non-op completions data • Include porosity, permeability, & other subsurface characteristics in database • Fill in EUR (estimated ultimate recovery) to assess well’s performance 26
- 27. Summary & Learnings • Realized importance of having data in one location • 80% of time gathering data while spent 20% of time analyzing • Start with end in mind for analysis purposes • Data can be imperfect • Appreciate the opportunity as a freshman 27
- 28. Thanks • Special thanks: Lauren DeRouen • Permian team 28
- 29. Questions 29
Hinweis der Redaktion
- Only spent 4 months there before moving Moved a lot growing up, dad in oil business Great Barrier Reef, Great Wall of China, Vietnam, Thailand Finished freshman year at UTSA – ME Me at Texas Bengals playoff game last year
- This is our year Tony Romo just threw another pick
- Data from numerous sources to build database First time in the field seeing all equipment Captured well locations on acreage maps Learned about each artificial lifts pros and cons and the parameters for application Reviewed daily reports to construct WBD
- Map of permian play Rosetta acquired 1 hour drive west of midland Yellow – rosetta operated Orange – non op Stats Total wells, acreage, current total production, legend
- Map represents different geologic layers in Permian Basin Focused on wolfbone shales in delaware basin
- Data was in multiple spreadsheets Captured many types of data that I will detail in next few slides
- Type curve areas differentiated on a performance basis –IP, EUR Category how much certainty and volume of oil recovered from well WI- percentage of expenses to be paid NRI- percentage of revenue to be received Reserve category- proved, probable, possible. P90, P50, P10
- Isopach – thickness of net pay or gross interval Tier- WI, net pay, debris flows, among other geologic factors Isopach- Thickness of each zone? Recompletion tier- Ranking of wells for possible recompletion based on the amount of wet sands, WI, debris flows, net pay among other subsurface geologic characteristics.
- 3 string- 3 progressively smaller diameters of casing while 2 string is just 2
- Daily production graph for Annie Oakley 23 1, notice the constant Variability of graph Slugging – lots of gas enters wellbore and “burps” oil to surface Flush production after SI – pressure builds up leads to quick spike in prdouction Bring back to the well review? Cum over 6, 12, 24, 60 months for oil, gas, and BOE. Max and last month’s oil and gas production MCFD- Thousand cubic feet a day
- Plug perf – Perf, then frac, then plug with sand Sliding sleeve – perf, frac, close sleeve, don’t have to clean out sand before next perf job Gamma ray (left) – type of rock Green – net pay Resistivity curve – indicates fluid type, oil has high resistivity and water has a low resistivity (conductive)
- It took 80% of gathering all the data and only about 20% of analyzing the data
- WI difference Rosetta acquired Comstock
- EXPLAIN VARIENCE (AFE-Actual) 47 total wells ranging from under spending AFE by $3,622,950.54 (Dale Evans 196 2H) to over spending AFE by $3,036,557.52 (Balmorhea State 32-15 A 1H) 25 AFE’s were under spent (53.2%) while 22 were over spent (46.8%) Percentages indicate a P50 curve – 50% certanity of producing all reserves (probable reserves) Since the turn of the year, Comstock overspent on every AFE they did except one
- CRK avg net var - $460,381.72 J Cleo avg net var - $63,648.99 Notice the trend of CRK over spending AFE’s at the turn of the year J Cleo seems to be following same trend of gradually over spending as time progresses Although data can be imperfect as Occidental Petroleum (OXY) bought J Cleo’s Permian asset at the beginning of 2013
- 6 greens to right – furthest east correlates to more net pay Reds – furthest west correlates to less net pay Shows that one factor to determining which type curve area the well is located is the amount of total net pay sands
- Realize that most green wells have a less amount of net wet sands The Lone Ranger State 192 1 and the Wild Bill Hickok A 205 3 are the two green wells with the most wet sands and are located right near the line separating the green and red wells Notice the wet sands seem to be most prevalent in the West and North Central of the play
- See that generally pumping more proppant does not necessarily relate to a better daily rate of production 70% of the wells above 250 BOPD pumped XL downhole While only 35.1% of wells below 250 BOPD pumped XL Red wells – more wet sand and less net pay relate to a smaller rate Green wells – have more pay and less wet sand – higher rate
- Newly purchased assests needed a detailed inventory Seen rod lifts from distance in Bakersfield but never in person Stroke length, SPM, POC, Size Heater treater and separators - Make and size, working pressure, type of berm Tanks – Make and volume, quantity,
- Number of well locations and potential reserves captured When summed on a net basis can determine number of years left of drilling and can show how much Rosetta’s Permian play is worth Gross, net, company acreage. Total blocks in the section and the remaining blocks available to be drilled.
- Passed around model of PCP pump and observed the auger-like movement to lift the fluids Saw a gas lift mandrel and valve and noticed the valve controls flow of gas into mandrel and into the tubing Learned how on a rod lift balls seal on the upstroke and open on the downstroke
- API Lower the degree, thicker the fluid Any fluid gravity above 10 degrees will float on water Efficiency Percentage of theoretical maximum volume a pump can lift
- Tangible- Tubing, well head, Artificial lift Intangible- Transportation, Labor, Fuel Bit- manufacturer, size, jets (lubricants), depth in, Rate of Penetration (ROP) Mud- type, weight, viscosity, ph CASING- Size, weight, grade, hole size, estimated Top of Cement (TOC), CSG shoe CSG SHOE- Helps guide the casing string past any ledges or obstructions that would prevent the string from being correctly located in the wellbore CEMENT- Lead and tail cement jobs which include which kind of cement and the amount, pounds per gallon (PPG), the cement’s yield. I would also note the amount of cement circulated back to the surface or the location of the DV tool. DV TOOL- Flow hole half way down hole to help flow of cement back to surface through the annulus
- Fill in EUR reserves? Is the well performing how it was expected
- How data is gathered can result in differences in measurement May not find a trend when one is expected