Type Curves Part 1: Definitions and Chart Types
Editor’s Note: While VISAGE rebranded to VERDAZO in April 2016, we haven’t changed the VISAGE name in our previous blog posts. We’re proud of our decade of work as VISAGE and that lives on within these blogs. Enjoy. Type Curves or type-well curves are a foundation of reserves evaluations, development planning, production performance comparisons and completion optimization analysis. The dangers of not understanding the complexities of Type Curves, and failing to communicate how they were designed/developed, can result in large statistical variability, inconsistent information used in development decisions, and unattainable economic plans (especially in the unforgiving times of low commodity prices). This blog series will focus on essential Type Curve considerations and analytic techniques that should be part of their development and use. The complete contents of this multi-week blog series will be presented at the upcoming SPE talk Understanding Type Curve Complexities & Analytic Techniques on Dec. 1st, 2015. Please join us. There are many ways to build Type Curves and they can yield significantly different results. In the example below, the left image shows six versions of a Type Curve for the same data set. The right image shows how different the cumulative revenues are for the first...