Kuwait Oil Company's strategic planning team is responsible for optimizing and promoting a portfolio of hydrocarbon reservoirs to meet the company's long-term 2040 objectives in alignment with five-year plan economics.
However, business planning at KOC has historically been a manual and time-consuming process. The company's challenge was to reduce the planning time and balance project dependencies and resource constraints with strategic goals by using a consistent approach from technical production forecasting and opportunity maturation for the entire inventory to result in an optimized portfolio.
The key objectives for this project were to
It was determined early in the project that KOC's traditional analysis via multiple Excel spreadsheets from disparate sources would not be an effective method for dynamic business planning.
Working closely with KOC, Schlumberger used Merak Peep and Merak Capital Planning software to integrate production forecasting, economics, and portfolio methodologies.
The integrated software solution combined reservoir-level production forecasting and economic workflows to allow portfolio optimization based on technical and commercial criteria. Through automation, the solution enabled efficient analysis of different development strategies—modeling complex scenarios including unstable, baseline, and lower future hydrocarbon price forecasts. The result was more effective and efficient strategic planning process for the KOC team that provided a full understanding of the forecast production, cost allocation, and economic potential of available resources and reserves.
Challenge: Develop an optimized portfolio plan for the Kuwait Oil Company (KOC) to achieve both its short- and long-term portfolio development goals.
Solution: Implement Merak Peep and Merak Capital Planning to streamline portfolio management—replacing manual data analysis via multiple Excel spreadsheets with more efficient automated workflows.