Doha: Qatar Society of Petroleum Engineers recently held its first virtual Distinguished Lecture Programme for 2021 season, entitled ‘Techniques to Reduce Operating Costs for Increased Reserves and Profitability’.
The lecture was presented by Philip Hart, a President of Excalibur Ventures, who provides consultations to improve fields through Reservoir and Operational Studies and also designs oilfield equipment for Omega Technologies in Houston, Texas.
The lecture was about how employing certain practices in past field operations reduced operating costs by over $4.4MM per year and helped increase reserves by more than 3 million barrels of oil (MMBO).
The lecture highlighted these practices that are broken into three main topics - improving expense accounting accuracy and details, focusing on incremental individual operating costs to improve investment decisions, and implementing innovative expense reduction techniques.
