Increasing the Attractiveness of Phased Field Development: De-Risk Reservoir Uncertainty with Efficient Field Development Solution

Abstract

Phased Field Development (PFD) is a well-known method to mitigate reservoir uncertainty. However, by its very nature a PFD lowers the Net Present Value (NPV) of the project compared to a Full Field Development (FFD). In this work, multiple scenarios are investigated to increase the attractiveness of PFD vis-a-vis FFD. The most promising concepts are identified and their key financial characteristics are studied with a view to providing a roadmap that can assist in efficient planning of future deepwater field developments. Annual cash flows along with revenue and profit margins are estimated and compared for the two options for a potential deepwater field development in US Gulf of Mexico.